The GBP/USD pair struggles to register any meaningful recovery and languishes near its lowest level since March 16, around the 1.2050 area touched the
The extremely oversold RSI on the daily chart holds back bearish traders from placing fresh bets.pair struggles to register any meaningful recovery and languishes near its lowest level since March 16, around the 1.2050 area touched the previous day.
The next relevant support is pegged near the 1.1965 horizontal zone, which if broken decisively will be seen as a fresh trigger for bearish traders. The subsequent downfall has the potential to drag spot prices further towards the 1.1915 region en route to the 1.1900 mark. The GBP/USD pair could eventually drop to the 1.1800 neighbourhood, or the YTD low touched in March, en route to the 50% Fibo. level support near the 1.1740-1.1735 area.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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