FX.co ★ GBPUSD analsysis for February 22, 2023 - Potential for the further drop

Technical analysis:

GBP/USD has been trading downside as I expected and I found the breakout of the tight triangle in the background, which is good sign for the further drop.

Due to the breakout of the tight triangle in the background and the strong downside momentum this morning, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.2000

Stochastic oscillator is showing fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of 1.2125