GBP/USD Forecast for May 29, 2025
Technical analysis
2025-05-29 03:01:08
Following a partial three-day decline, the British pound has reached the target support level at 1.3433. On the daily scale, the Marlin oscillator has not yet touched the lower boundary of its ascending channel and continues pulling the price downward. However, since the oscillator's channel is upward-sloping and the boundary with the bearish territory is already near, a test of its lower limit may not even occur.
Today presents political complexities (the U.S. court has overturned Trump's customs tariffs), so it is advisable to wait for further comments from both sides. Overall, the upward trend in the pound remains intact, and we expect a resumption of growth toward the target resistance level of 1.3635.
On the four-hour chart, the price has broken downward from the local ascending channel but halted at the support zone formed by the target level and the MACD line. The Marlin oscillator also appears ready to reverse to the upside. A return of the price into the price channel (a break above 1.3473) will be the first signal of a renewed upward move.
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