21.12.202310:11 Forex Analysis & Reviews: GBP/USD analysis for December 21, 2023 - Potential for the further drop towards lower references

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Technical analysis:

GBP/USD has been trading sideways today at the price of 1.2637 and I see potetnial for the downside breakout and downside continuation.

Due to the downside momentum in the background and RSI reading below 50 mark, I see potential for the further drop in case of the downside breakout of the tight triangle pattern.

Downside objectives are set at the price of 1.2595 and 1.2500

RSI oscillator is showing negative reversals and reading below 50 level, which is good sign for the potential downside continuation.

Key resistance is set at the price of 1.2677

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