FX.co ★ GBP/USD analysis for December 08, 2023 - Rejection of the key resistance and potential for the downside movement

Technical analysis:

GBP/USD has been trading downside this morning an I found rejection fo the key resistance cluster in the background at 1.2610. I see potential for the further drop.

Due to the strong rejection of the resistance cluster in the background and negative reversals on the RSI oscillator, I see potetnial for the further drop towards lower references.

Downside objectives are set at the price of 1.2528 and 1.2455

RSI oscillator showing bearish reversal, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2610