FX.co ★ Forecast for GBP/USD on May 9, 2022

After a slight delay before the target level of 1.2250 on Friday, the movement towards this level continued in today's Asian session (June 2020 low). After overcoming it, we wait for the price at the target level of 1.2073 (May 2020 low), and from it an upward correction is likely, as the Marlin Oscillator on the daily scale is already hardly moving down in the oversold zone.

The price is falling below both indicator lines on the H4 chart, the Marlin Oscillator is trying to get out of the short-term consolidation (marked with a gray rectangle). We are waiting for the bears' attack.