FX.co ★ Forecast for GBP/USD on May 10, 2022

Yesterday, the pound formally closed down, but at the same time, the price converged with the Marlin Oscillator on a daily scale. The nature of the development of the oscillator is close to a potential triangular structure (after which it will most likely go down), and we expect the price to rise to the previously indicated target range of 1.2436/76. Settling above it may break the potential Marlin triangle and the price will rush to the target level of 1.2637. Then it is possible to take the 1.2730 level.

On the H4 chart, the signal line of the oscillator has left its own consolidation upwards, which indicates further probable price movement. Obviously, the price is preparing to exit above the MACD line, for which it needs to master the target range of 1.2436/76. Correction on the pound is clearly overdue.