GBPUSD analsysis for December 16, 2022 - Potential for the further drop

Technical analysis:

GBP/USD has been trading sideways at the price of 1.2175 and I see potential for the further downside movement.

Trading recommendation:

Due to the breakout of the rising channel in the background , I see potential for the further drop towards lower references.

Watch for the potential selling opportunities in case of the downside breakout of the sideways base.

Downside objectives are set at the price of 1.2104 and 1.1940

MACD oscillator is showing downside momentum, which is strong sign that sellers are in control.

Key resistance is set at the price of 1.2222