GBP/USD analysis for July 18, 2023 – Potential for the drop
July 18, 2023 9:24 am
Technical analysis:
GBP/USD has been trading upside this morniing but I found rejection of the key resistance at the price of 1.3105, which is good sign for the potential downside movement.
Due to the potential change in trend dynamic from bullish to bearish and the rejection of the resistance cluster, I see potential for the further drop towards lower references.
Downside objectives are set at the price of 1.3055 and 1.3000
RSI oscillator is showing bearish divergence, which is good confirmation for the downside movement.
Key resistance is set at the price of 1.3105
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
GBP/USD
has been trading upside
this morniing but I found rejection of the key resistance at the
price of 1.3105, which is good sign for the potential downside
movement.
Due
to the potential change in trend dynamic from bullish to bearish and
the rejection of the resistance cluster, I see potential for the
further drop towards lower references.
Downside
objectives
are set at the price of 1.3055 and 1.3000
RSI
oscillator is showing bearish divergence, which is good confirmation
for the downside movement.
Key
resistance is set at the price of 1.3105
The material has been provided by InstaForex Company – www.instaforex.com
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