FX.co ★ GBP/USD analysis for August 16, 2023 - Rejection of the key support in the background

Technical analysis:

GBP/USD has been trading upside this morning and I see potential for the higher prices towards upside reference.

Due to the sideways regime and the rejection of the key support cluster at the prie of 1.2625 in the background, I see potential for the rally towards upside reference.

Upside objective is set at the price of 1.2800

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

Key support is set at the price of 1.2620