FX.co - GBP/USD analysis for September 20, 2023 - Potential for the further drop

2023-09-20T08:12:11

Relevance until2023-09-21

Technical analysis:

GBP/USD analysis for September 20, 2023 - Potential for the further drop

GBP/USD has been trading downside as I expected and the market consolidation and there is chance for the further downside movement.

Due to the defined downside trend and the breakout of the consolidation this morning, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 1.2310 and 1.2250

RSI oscillator had bearish divergence in the background, which is good indication for the further downside movement.

Key resistance is set at the price of 1.2370

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for September 20, 2023 - Potential for the further drop