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17.05.202106:11 Forex Analysis & Reviews: Forecast for GBP/USD on May 17, 2021

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GBP/USD

Last Friday, the pound gained 47 points, but this did not greatly affect the nature of the Marlin oscillator, which is still trying to get out of its own channel. The oscillator's success will allow the price to quickly reach the nearest target level 1.4004 - the March 12 high and the support of the MACD line. A decline below the level opens the second target at 1.3900.

But the Marlin oscillator may turn upwards from the lower border of the channel. In this case, after breaking the target level of 1.4150, the price will continue to rise to the 1.4244/77 range.

The price is testing support at 1.4077 on the four-hour chart. Leaving the area below it will be a signal for an attack on the MACD line at 1.4040. Getting the pair to settle below it will make the 1.4004 target tangible.

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