GBP/USD analysis for August 16, 2023 – Rejection of the key support in the background
August 16, 2023 9:23 am
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
The material has been provided by InstaForex Company – www.instaforex.com
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
The material has been provided by InstaForex Company – www.instaforex.com
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