FX.co ★ GBPUSD analsysis for February 07, 2023 - Potential for the upside movement

Technical analysis:

GBP/USD has been trading sideways at the price of 1.2020. I found the rejection of the key support zone at the price of 1.2000, whch is good sign for potential upside movement.

Trading recommendation:

Due to the rejection of the support zone and potential exhaustion of the downside movement, I see further growth.

Watch for the potential buying opportunities with the upside objective at 1.2180.

MACD oscillator is showing bullish divergence, which is good sign for the further growth.

Key support is set at the price of 1.2000