FX.co ★ GBPUSD analsysis for February 20, 2023 - Potential for the downside movement

Technical analysis:

GBP/USD has been trading upside this morning but I found rejection fo the key resistance zone at 1.2050, which is good sign for the further downside movement.

Due to the rejection of the key resistance zone and downside trend in the background, I see potential for the further drop.

Downside objective is set at the price of 1.1935

Both slow and fast Stochastic oscillator are showing overbought condition and downside cross, which is good sign for the further downside movement.

Key resistance zone is set at 1.2050