empty
 
 
03.05.2021 06:01 AM
Forecast for GBP/USD on May 3, 2021

GBP/USD

On the technical side, the pound's decline by 120 points last Friday can be explained by a hard reversal of the MACD line on the daily chart. The price's first conflict with this line occurred on April 6, then the price lost 225 points in four days. A false exit happened above the line for the second time, the price decreased by one and a half figures on the 20th-23rd. And we saw a third powerful downward reversal of the price from the MACD line on Friday.

This image is no longer relevant

Statistically, the third reversal by more than 90% occurs in the medium-term trend, that is, a movement of two weeks or more. Pushing the price to settle below the signal level of 1.3808 (March 16 low) opens the 1.3610 target (January 26 and February 2 low). The price reached the 1.3808 level in time coincided with the Marlin Oscillator touching the zero line. After a short delay, we expect the price to fall further.

This image is no longer relevant

The decline is taking place without signs of a deep upward correction on the H4 chart: the price is below the balance and MACD lines, Marlin reacts sluggishly to the corrective growth in the Asian session.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback