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11.05.202106:40 Forex Analysis & Reviews: Forecast for GBP/USD on May 11, 2021

GBP/USD

The pound showed strong growth yesterday, breaking the distance of the two target levels. The 1.4144 level it reached corresponds to the high on February 16, 2018. If the market is currently guided by that time - winter-spring 2018, then the next target will be the 1.4244/77 range. To do this, the price needs to settle above 1.4144.

Exchange Rates 11.05.2021 analysis

Is it possible to reverse from the current levels? Yes. The Marlin oscillator has reached the upper limit of its own channel, showing the intention to turn away from it. Even within the framework of an upward trend, the price can safely return to the support of the MACD line in the area of 1.3975. Consolidating below this level can extend the decline to 1.3800 and further to 1.3610.

Exchange Rates 11.05.2021 analysis

The price is rising on the four-hour chart. There is no depletion of the observed movement, a brief decrease in the Marlin oscillator does not create such a signal. Marlin is already in the negative zone only on the hourly scale. We can only wait for the development of events: will Marlin confirm a reversal from the upper border of the channel on the daily scale, or will the price settle above 1.4144 on the H4.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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