FX.co ★ GBPUSD analsysis for May 12 , 2023 - Rejection of the key support at 1.2500

Technical analysis:

GBP/USD has been trading downside after the yesterday economic data in US but I see that key support at the price of 1.2500 is on the test and that there is the chance for the upside rejection.

Due to the strong long time-frame upside trend and test-reject of the key support zone, I see potential for the further growth towards upside references.

Upside objective is set at the price of 1.2585

Stochastic oscillator is showing oversold condition and potential for the bull cross, which is good sign for the rally....

Key support is set at the price of 1.2500