FX.co ★ GBP/USD analysis for December 18, 2023 - Potential for the further downside movement

Technical analysis:

GBP/USD has been trading downside in the background and I found breakout of the support level at 1.2750, which is good sign for the further downside movement.

Due to the breakout of the support level and RSI reading below 50, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.2615

RSI oscillator is showing reading below the 50 level, which is sign that downside pressure is present.

Key intraday resistance is set at the price of 1.2720