FX.co ★ GBPUSD analsysis for December 08, 2022 - First upside objective reached nad potential for further growth

Technical analysis:

GBP/USD has been trading upside as I expected and the price has reached first upside objective at 1.2222. I still see potential for further growth towards next upside references.

Trading recommendation:

Due to the upside trend in the background and rejection of the key support, I see potetnial for the further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at the price of 1.2265 and 1.2320.

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

Key support is set at the price of 1.2100