FX.co ★ GBP/USD analysis for May 15, 2023 - Potential for the further growth

Technical analysis:

GBP/USD has been trading upside this morning and I found rejection of the support level at 1.2450, which is good sign for the further rise.

Due to the strong upside cycle on the GBP/USD and the rejection of the support at 1.2450, I see potential for the further growth towards upside references.

Upside objectives are set at the price of 1.2530 and 1.2610

Stochastic oscillator is showing fresh bull cross and bullish divergence in the background, which is another good sign for the further upside movement.

Key support is set at the price of 1.2450