FX.co ★ GBP/USD analysis for June 29, 2023 - Breakout of the rising trendline and potential for the further drop

Technical analysis:

GBP/USD has been trading downside as I expected and the price reached first downside objective at 1.2660. I still see potential for the further drop towards lower level at 1.2500

Due to the breakout of the rising trend-line and strong downside momentum, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.2510

MACD oscillator is showing strong downside momentum, which is good confirmation for the further drop.

Key resistance is set at the price of 1.2760