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02.05.201906:41 Forex Analysis & Reviews: Forecast for GBP/USD on May 2, 2019

Long-term review

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GBP/USD

Yesterday, the British pound tried to go beyond the resistance of the balance and MACD indicator lines on the daily scale. However, the pound sterling was stuck in the resistance and failed to reach the 1.3125 - 50% correction from the movement since March 13. The day closed below the MACD line and under the Fibonacci level of 38.2% (1.3060).

On the four-hour chart, a slight divergence of the price with the Marlin oscillator was formed. It can signal a reversal though, especially since this is a reversal of the correction.

The first target for the pound is the MACD line on the H4 at the level of 1.2960, which corresponds to the low of 11 March. Breaking the support, we are waiting for a more pronounced market sentiment to achieve a range of 1.2772-1.2814.

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