FX.co ★ GBP/USD analysis for July 19, 2023 - Downside objectives reached and potetnial for the further drop

Technical analysis:

GBP/USD has been trading downside as I expected and the price has reached the first 2 downside objectives at 1.3054 and 1.2985. The selling pressure is still very strong.

Due to the breakout of the support line nad the strong downside momentum, I see potential for the further drop towards the next downside reference.

Downside objective is set at the price of 1.2850

MACD oscillator is showing fresh new downside momentum, which is another good confirmation for the further drop.

Key resistance is set at the price of 1.3055