FX.co ★ GBP/USD analysis for November 10, 2023 - Breakout of t he consolidation

Technical analysis:

GBP/USD has been trading downside in the background and there is the breakout of the consolidation, which is good sign for the further downside movement.

Due to the breakout of the support and weak reaction from buyers, I see potential for the further drop towards lower references.

Downside objective is set at 1.2110

RSI oscillator is showing negative divergence and reading below 50 level, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2315