05.06.202305:31 Forex Analysis & Reviews: Forecast for GBP/USD on June 5, 2023

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GBP/USD:

On Friday, the pound fell by 75 pips amid mixed but not exactly weak US employment data. This morning, upon the news of President Biden signing a bill to lift the debt ceiling on Saturday, the pound lost another 20 pips, entering the range of the May 31 candle.

The nearest target at 1.2403, the MACD daily line, is now open. Breaking below this line opens up the target of 1.2273, which is both the April 3 low and the February 14 high. The Marlin oscillator is moving deeper into the downtrend area, and it may reach the oversold zone when the price approaches the target range of 1.2125/53.

On the four-hour chart, the price is moving between two target levels while the Marlin oscillator remains negative. It is likely that the price will attempt to break 1.2403. If successful, the pound will aim for the MACD line on the four-hour chart around 1.2370. Breaking below this support, the British pound will be aiming for 1.2273.

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