24.05.202405:15 Forex Analysis & Reviews: Forecast for GBP/USD on May 24, 2024

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GBP/USD

Yesterday, the British pound attacked the resistance level of 1.2745 for the second time. This attack was weaker than its attempt on Wednesday, and the price fell by 18 pips by the end of the day. The Marlin oscillator has intensified its decline.

The price will likely struggle with the support of the MACD line around the 1.2636 mark. If the bears succeed, the next target level will be 1.2596. Since the green price channel line is just below this level, the support and target appear to be in the range of 1.2578/96.

The price reached the MACD line on the 4-hour chart. The pound is now preparing to break through it. Consolidation below this line, corresponding to yesterday's low, opens the nearest target at 1.2636. The Marlin oscillator has established itself in the downtrend territory and continues to fall.

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