FX.co ★ Technical Analysis of Intraday Price Movement of GBP/USD Main Currency Pairs, Tuesday May 16, 2023.

With the appearance of hidden deviations between price movements and the Stochastic Oscillator indicator and negative crossings from the EMA 25 and 50 as well as the appearance of the Double Top (Yellow Circle) on the 4-hour chart, the main currency pair GBP/USD in the near future will try to test the bullish Fair Value area level The gap in the range of 1.2475-1.2465 as the main target and the 1.2444 level as the second target. However, what needs to be considered is if on the way to these target levels there is a sudden upward correction which exceeds the 1.2539 level, then all of the downward scenarios described earlier will be become invalid.

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