FX.co ★ GBP/USD analysis for September 19, 2023 - Potential for the further drop

Technical analysis:

GBP/USD has been trading sideways at the price of 1.2376 but I see potential for the downside breakout of the consolidation.

Due to the breakout of the bigger base in the background and potential for the downside continuation, I see further downside movement towards lower reference.

Downside objective is set at the price of 1.2310

RSI oscillator is showing bearish divergence, which is good sign for the potential downside movement.

Key resistance is set at the price of 1.2410