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Technical analysis:
GBP/USD has been trading sideways today at the price of 1.2637 and I see potetnial for the downside breakout and downside continuation.
Due to the downside momentum in the background and RSI reading below 50 mark, I see potential for the further drop in case of the downside breakout of the tight triangle pattern.
Downside objectives are set at the price of 1.2595 and 1.2500
RSI oscillator is showing negative reversals and reading below 50 level, which is good sign for the potential downside continuation.
Key resistance is set at the price of 1.2677
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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