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16.05.2022 06:04 AM
Forecast for GBP/USD on May 16, 2022

The British pound has started a correction from the lows of two years ago. A sign of a more or less serious intention is the convergence with the Marlin Oscillator. The first target - the 1.2436/76 range is quite high - about 200 points from the current price, so the correction may not work it out. The price formed a strong range during the period from May 6 to May 11, a reversal can occur at any time within this range. After the price settles below 1.2250, we are waiting for the price at the level of 1.2073 (May 2020 low).

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On the H4 chart, the price went above the MACD line with the Marlin Oscillator in the growth area. The price penetrated into the range on May 6-11 and now we have to wait until its potential for growth runs out.

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Laurie Bailey,
Analytical expert of InstaForex
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