FX.co ★ GBPUSD analsysis for May 10 , 2023 - Potential for the further growth

Technical analysis:

GBP/USD has been trading upside and I found rejection of the Fibonacci confluence support at the price of 1.2580, which is good sign for the further upside movement.

Due to the strong upside cycle on the GBP and test-reject of the Fibonacci confluence support in the background, I see potetnial for the further growth.

Upside objective is set at the price of 1.2715

MACD oscillator is showing fresh bull cross, which is another sign for the further upside movement.

Fibonacci confluence support is set at the price of 1.2580