FX.co ★ GBP/USD analysis for October 13, 2023 - Breakout of the rising trendline

Technical analysis:

GBP/USD has been trading downside in the background and I found breakout of the rising trend line and change of the short term trend from upside to the downside.

Due to the breakout of the rising trend-line and strong momentum in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 1.2170 and 1.2110

RSI oscillator is showing negative trend and reading below 50, which is good sign for the further downside movement.

Resistance level is set at the price of 1.2223