FX.co ★ GBP/USD analysis for November 08, 2023 - Downside breakout of the consolidation and potential for the further drop

Technical analysis:

GBP/USD has been trading downside in the background and I found breakout of the support zone at 1.2275, which is good sign for the further downside movement.

Due to the failure from buyers to rejection of the support zone and the downside momentum in the play, I see potential for the further drop towards downside reference points.

Downside objectives are set at the price of 1.21460 and 1.2105

RSI oscillator is showing reading below the 50 but still above 40, which is sign of the indecision.

Key resistance is et at the price of 1.2307