FX.co ★ GBP/USD analysis for September 12, 2023 - Rejection of the key resistance cluster

Technical analysis:

GBP/USD has been trading in the sideways range at the price of 1.2500 but I found rejection of the key resistance at 1.2540 in the background, which is good sign for the further downside movement.

Due to the short-term downside trend and the rejection of the resistance cluster in the background, I see potential for the further downside movement.

Downside objective is set at the price of 1.2460

MACD oscillator is showing weak momentum which is normal since the market is in range condition.

Key resistance is set at the price of 1.2540-1.2550