GBP/USD analysis for July 19, 2023 – Downside objectives reached and potetnial for the further drop
July 19, 2023 8:23 am
Technical analysis:
GBP/USD has been trading downside as I expected and the price has reached the first 2 downside objectives at 1.3054 and 1.2985. The selling pressure is still very strong.
Due to the breakout of the support line nad the strong downside momentum, I see potential for the further drop towards the next downside reference.
Downside objective is set at the price of 1.2850
MACD oscillator is showing fresh new downside momentum, which is another good confirmation for the further drop.
Key resistance is set at the price of 1.3055
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
GBP/USD
has been trading
downside as I expected and the price has reached the first 2 downside
objectives at 1.3054 and 1.2985. The selling pressure is still very
strong.
Due
to the breakout of the support line nad the strong downside momentum, I see
potential for the further drop towards the next downside reference.
Downside
objective is set at the price of 1.2850
MACD
oscillator is showing fresh new downside momentum, which is another
good confirmation for the further drop.
Key
resistance is set at the price of 1.3055
The material has been provided by InstaForex Company – www.instaforex.com
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