Forecast for GBP/USD on May 10, 2023

GBP/USD
Yesterday, the pound closed almost at Monday's closing level. The Marlin oscillator's signal line lies in a sideways trend, thereby reducing the likelihood of creating divergence from Monday's peak, which tested the target level of 1.2666.

But the reversal potential is not exhausted, so consolidating below 1.2598 and overcoming yesterday's low of 1.2577 opens the target at 1.2447. On the four-hour chart, the Marlin oscillator returned to the positive area, but probably for a short time.

Below the level of 1.2598, there is another support – the MACD line. Overcoming it (1.2568) will remove the last obstacle for the development of a medium-term decline in the British currency.

Analysis are provided by InstaForex

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