FX.co ★ Technical analysis of GBP/USD for May 19, 2022

The GBP/USD pair faced resistance at the level of 1.2583, while minor resistance is seen at 1.2531. Support is found at the levels of 1.2396 and 1.2339.

Also, it should be noted that a daily pivot point has already set at the level of 1.2396. Equally important, the GBP/USD pair is still moving around the key level at 1.2396, which represents a daily pivot in the H1 time frame at the moment.

Yesterday, the GBP/USD pair continued to move upwards from the level of 1.2339. The pair rose from the level of 1.2339 (this level of 1.2339 coincides with the major support) to the top around 1.2500.

In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.2396. The level of 1.2530 is expected to act as major support today.

From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.2396 towards the target level of 1.2530.

If the pair succeeds in passing through the level of 1.2530, the market will indicate the bullish opportunity above the level of 1.2530 in order to reach the second target at 1.2583.

Notwithstanding, if a breakout happens at the support level of 1.2339, then this scenario may be invalidated.