FX.co ★ GBPUSD analsysis for December 13, 2022 - Rejection of the resistance in the background

Technical analysis:

GBP/USD has been trading downside this morning but I found rejection of the cluster of highs in the background, which is good sign for the further downside movement.

Trading recommendation:

Due to the rejection of the resistance at the price of 1.2296, I see potential for the further downside movement.

Watch for the potential selling opportunities on the rallies with the downside objective at 1.2210.

Stochastic oscillator is showing overbought condition and potential for further downside movement.

Key support is set at the price of 1.2210