FX.co ★ GBP/USD analysis for May 09, 2019

GBP/USD has been trading upwards. We got the fake breakout of the yesterday's low and the rally is favorable.

Red horizontal line – Support 1.2984

Yellow horizontal line – Resistance 1.3078

Yellow horizontal line – Resistance 1.1113

We found the fake breakout of the yesterday's low at the price of 1.2984, which is clear sign that sellers got exhausted and that rally is very possible. Most recently, there is the breakout of the supply trendline, which even adds more potential strength on the GBP. Another bullish confirmation is bullish divergence on the Stochastic oscillator. Watch for buying opportunities with the targets at 1.3078 and 1.3113.