02.10.202310:42 Forex Analysis & Reviews: GBP/USD analysis for October 02, 2023 - Potential for the further drop

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Technical analysis:

GBP/USD has been trading downside as I expected and I see potetnial for the further drop towards next downside reference.

Due to the strong downside cycle and negative reversal on RSI, I see potetnial for the further drop towards lower reference.

Downside objective is set at the price of 1.2110

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

Key resistance is set at the price of 1.2265

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