FX.co - GBP/USD analysis for December 20, 2023 - Potential for the further drop towards lower references

2023-12-20T07:18:22

Relevance until2023-12-21

Technical analysis:

GBP/USD analysis for December 20, 2023 - Potential for the further drop towards lower references

GBP/USD has been trading downside today after the CPI y/y event. I see potential for the further downside movement.

Due to the strong downside momentum and possible creation of the second downside leg, I see potential for the further drop towards lower references.

Downside objectives are set at the price 1.2600 and 1.2510

RSI oscillator is showing downside reading below 40, which is sign that sellers are in control.

Key resistance is set at the price of 1.2750

*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 December 20, 2023 - Potential for the further drop towards lower references