FX.co ★ GBPUSD analsysis for November 18, 2022 - Potential for the upside continuation

Technical analysis:

GBP/USD has been trading sideways at the price of 1.1912 and I see potential for the upside continuation due to the strong upside cycle in the background.

Trading recommendation:

Due to the strong upside pressure in the background and potential completion of the ABC downside correction, I see potential for further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at the price of 1.2030 and 1.2300

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of 1.1760