For Traders

Analytical Reviews

Technical analysis

18.05.202204:47 Forex Analysis & Reviews: Forecast for GBP/USD on May 18, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pound made a decisive 174-point gain yesterday, breaking above the target range of 1.2436/76. The Marlin Oscillator has approached the border of the bulls' territory, a new upward momentum is brewing, to the target level of 1.2637, but the price must first settle above the upper limit of the 1.2476 range, and while it does this during the day, Marlin will have time to move into the positive area. The signal, therefore, will not mature until tomorrow morning. Or, in case of growth, it can be another breakthrough as a repetition of yesterday.

And, of course, it is important to note an equally large scenario with the price reversing downwards. In this case, the signal line of the oscillator will not go into the positive area, it will reverse from the zero line, and the price will settle under the lower border of the range.

The price has consolidated above 1.2476 on the four-hour chart, but we need to settle on the higher, daily time frame. The Marlin Oscillator is reversing from the overbought zone. In general, the situation is neutral, the price may consolidate in the range of 1.2436/76 before receiving any additional information from the outside world.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.