Technical Analysis – GBPUSD neutral in short term, downside bias remains

gbp2GBPUSD remains under pressure since its big drop from 1.50 over two weeks ago. While the bigger picture is bearish, the pair is looking more neutral in the short term and is consolidating around 1.2950 after touching its lowest level in over 30 years at 1.2794 last Thursday.

RSI is in oversold territory just under 30, which suggests that the market will likely consolidate at current levels or even see a correction to the upside before resuming its downtrend.

Downside pressure still remains, with scope for prices to target the next psychological support level at 1.25.

To the upside, a break above the end of June highs of 1.35 would be required to weaken the downside bias and see a correction back towards the 1.38 area.

Origin: XM

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