FX.co ★ GBP/USD analysis for September 07, 2023 - Breakout of the consolidation

Technical analysis:

GBP/USD has been trading downside this morning and I found breakout of the triangle pattern, which is good sign for the further drop.

Due to the short-term downside trend and the breakout of the consolidation this morning, I see potential for the further drop towards the lower reference.

Downside objective is set at the price of 1.2400

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

Key resistance is set at the price of 1.2510