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13.05.202105:52 Forex Analysis & Reviews: Forecast for GBP/USD on May 13, 2021

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GBP/USD

Several technical factors stopped the Pound from rising: the inability to settle above the target level of 1.4144, the reversal of the Marlin oscillator from the upper border of its own channel, and a sharp strengthening of the dollar after yesterday's US inflation report.

Now the price needs to settle below the level of 1.4000 - under the MACD indicator line, which coincides with the March 18 high (checkmark), which is also close to other extreme points in March. Settling below 1.40 opens the target at 1.3800.

You can also see that the price reversal occurred from the 9th line of the Fibonacci time zone, which gives the prospect of a medium-term downward movement.

The MACD line is also at the 1.4000 level on the four-hour, which reinforces the level itself and the potential for future movement. Perhaps the price will not be able to overcome such a strong support on the first attempt, so we expect consolidation in the 1.4000/72 range.

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