FX.co - GBPUSD analsysis for May 05 , 2023 - Rejection of the key support

5 May 2023 at 6:30AM (UTC+0)

Relevance until6 May 2023 at 6:30AM (UTC+0)

Technical analysis:

GBPUSD analsysis for May 05 , 2023 - Rejection of the key support

GBP/USD has been trading upside and I found breakout of the tight triangle pattern, which is good sign for the further rise.

Due to the strong upside momentum and breakout of the range in the background, I see potential for the further growth towards next upside reference.

Upside objective is set at the price of 1.3000

MACD oscillator is showing fresh new momentum, which is another sign for the upside continuation.

Short-term support is set at the price of 1.2380

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBPUSD analsysis for May 05 , 2023 - Rejection of the key support