FX.co ★ GBP/USD analysis for December 25, 2023 - Potential for the further drop towards lower references

Technical analysis:

GBP/USD has been trading upside in the background but I found rejection of the supply resistance trend-line at 1.2735, which is good sign for the further downside movement.

Due to the rejection of the resistance level in the background and lower highs, I see potential for the further drop towards lower references.

Downside objectives are set at 1.2600 and 1.2510

RSI oscillator is showing downside rotation toward 50 level, which is sign od indecision.

Key resistance is set at 1.2750