FX.co ★ Forecast for GBP/USD on May 7, 2019

GBP/USD

The British pound fell by 77 points on Monday. The decline was stopped by touching the signal line of the marlin oscillator to the zero line of the four-hour chart. At the moment, the pound is trying to overcome the resistance of the balance line of the daily scale and the Fibonacci correction line at 50.0%. In case of a successful attempt, success can be developed by growth to the Fibonacci level of 61.8% at a price of 1.3184. The weakness of the marlin oscillator on H4 can be caused by the fact that the pound's growth can be even higher, to a Fibonacci level of 76.4% at a price of 1.3260, which will be expressed in any reversal formation with the oscillator, for example, hidden divergence.

The option to continue the decline is not excluded. Leaving the price below 1.3064 - the price level of coincidence of the MACD line with the Fibonacci retracement level of 38.2%, will return the relevance of the 1.2986 target - the Fibonacci level of 23.6% (aka the low on May 3).