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24.05.202204:42 Forex Analysis & Reviews: Forecast for GBP/USD on May 24, 2022

The pound added 90 points yesterday. The 1.2637 target level has not been reached, but the potential has not been exhausted, as the Marlin Oscillator indicates a reversal only symbolically. The downward mood may heighten during the day, so we can only follow the development of the situation on lower charts. Leaving the 1.2436/76 range will complete the correction and the pound will continue to decline to the target levels of 1.2250 and 1.2073.

Exchange Rates 24.05.2022 analysis

A price divergence with an oscillator is re-formed on the H4 chart. The oscillator's departure under the zero line will strengthen the reversal-downtrend.

Exchange Rates 24.05.2022 analysis

So, either from the current levels, or from the 1.2637 area, we are waiting for the price to move to the nearest target range of 1.2436/76.

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

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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