09.05.202404:59 Forex Analysis & Reviews: Forecast for GBP/USD on May 2024

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GBP/USD

After the pound made a small effort to move lower, it stopped due to the target support at 1.2465. At the same time, the Marlin oscillator signal line stopped the decline at the boundary of the downtrend territory. Now, this line is moving right along the boundary, which is a good sign for the bearish scenario, since Marlin did not move upwards after reaching this mark.

The pound will face the outcome of the Bank of England meeting in such a neutral position. We believe that the pound will fall, since it has no logical grounds to rise.

If the situation develops according to the alternative scenario, the pound could rise and reach the target level of 1.2596, near which the embedded price channel line is located.

On the 4-hour chart, as before, the price is progressing under both indicator lines, and Marlin is in a sideways position as traders await the BoE meeting. The target levels are marked on the chart: 1.2424, 1.2355, 1.2307.

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