FX.co ★ GBP/USD analysis for July 28, 2023 - Potential end of the upside swing nad further drop

Technical analysis:

GBP/USD has been trading upside today but I found potential completion of the correction and double top formation, which is good sign for the further downside movement.

Due to the drop in the background and weak rally that is active, I see potential for the downside continuation towards lower references.

Downside objectives are set at the price of 1.2810 and 1.2770

MACD oscillator is showing weak buying power and bearish divergence, which is another sign for the further downside continuation.

Resistance is set at the price of 1.2885