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

Technical analysis:

GBP/USD has been trading sideways this morning at 1.2385 but I found test and reject of the key resistance lvel at 1.2400, which is good sign for the further downside movement.

Due to rejection of the resistance level and the downside trend, I see potential for the further drop towards lower references.

Downside objective is set at the price of 1.2310

RSI oscillator is showing hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2410