FX.co ★ GBP/USD analysis for November 13, 2023 - Potential for the rejection or the breakout

Technical analysis:

GBP/USD has been trading upside and I found that important pivot resistance at the price of 1.2340 is on the test. There is potetnial for the rejection or the upside continuation.

In case of the rejection of the resistance at 1.2340, I see potential for the further downside movement towards next downside reference at 1.2185 and 1.2150

In case of the upside breakout of the resistance at 1.2340 and hold above, I see potential for the further growth towards upside reference at 1.2294

RSI oscillator is showing reading above 50 level but below 60, which is still sign of indecision.