FX.co - GBPUSD analsysis for February 23, 2023 - Potential for the further drop

2023-02-23T09:11:32

Relevance until2023-02-24

Technical analysis:

GBPUSD analsysis for February 23, 2023 - Potential for the further drop

GBP/USD has been trading downside this morning and I see potential for the downside continuation of the downside trend in the background.

Due to the rejection of the Fibonacci Retracement 38.2% and the downside cross, I see potential for the further drop towards lower references.

Downside structural objectives are set at 1.2000, 1.1970 and extreme objective at 1.1910

Stochastic and MACD oscillators are showing bear cross, which is good sign for the further downside movement.

Key intraday resistance is set at 1.2070

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBPUSD analsysis for February 23, 2023 - Potential for the further drop