FX.co ★ Hot forecast for GBP/USD on May 11, 2021

The pound did not seem to have the same growth that it showed on Friday, against the background of the content of the United States Department of Labor report. Thus, it continued to strengthen against the US dollar yesterday. However, the macroeconomic calendar was completely empty, and the news background also did not shine with an abundance of some sensations. Frankly, there was nothing at all yesterday. Nevertheless, the pound was growing almost all of yesterday. Thus, there is a situation of its noticeable overbought, so that a certain corrective movement suggests itself. But given the obvious speculative interest in the growth of the pound, some reason is needed for a local rebound. The problem is that the macroeconomic calendar is completely empty even today, so all hope depends only on the news spread by the mass media. But we should not exclude the fact that at some point, some speculators will decide that it is time to fix the profit, and then we will see a confident downward movement of the pound.

The GBP/USD currency pair managed to continue its upward movement during the last trading day, as a result of which speculators managed to touch the price level of 1.4157, relative to which there was a stagnation.

Since may 7, the market dynamics has shown signs of acceleration, which is confirmed not only by the growth of the speculative operations coefficient, but also by the structure of trading candles.

If we proceed from the current location of the quote, we can see the same price stagnation in the range of 1.4107/1.4157, which can become another lever for speculative operations.

Looking at the trading chart in general terms, the daily period, there is not only an upward movement, but also signs of a recovery in the medium-term trend. In this situation, it is worth paying special attention to the price fluctuation in the range of 1.4107/1.4157, since the process of compressing the amplitude will most likely lead to a subsequent acceleration. If we proceed from the overbought level, it is possible to consider a pullback in the direction of 1.4050. However, due to the status of speculative operations, the most optimal trading tactic is considered to be the method of breaking through a particular border stagnation of 1.4107/1.4157.

From the point of view of complex indicator analysis, it can be seen that technical instruments on the hourly and daily periods signal a purchase due to an ascending cycle, while minute intervals have a variable signal due to stagnation.