GBPUSD YET TO REACH EXTREME OVERSOLD CONDITIONS
The British pound continues to slump lower against the US Dollar on Thursday, as the fundamentals and technicals surrounding sterling become more bearish. The GBPUSD pair still has scope to fall below the 1.2800 level as the bearish head and shoulders pattern plays-out. The MACD and RSI indicators across the lower-time frames have still not reached extreme oversold conditions.
The GBPUSD pair remains strongly bearish while trading below the 1.2955 level, key support is found at the 1.2810 and 1.2750 levels.
If the GBPUSD pair moves above the 1.2900 resistance level, key intraday resistance is now found at the 1.2922 and 1.2955 levels.