GBPUSD analsysis for May 12 , 2023 – Rejection of the key support at 1.2500
May 12, 2023 8:24 am
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
The material has been provided by InstaForex Company – www.instaforex.com
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
The material has been provided by InstaForex Company – www.instaforex.com
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