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GBP/USD overstretched, but clearly bearish - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet sees the GBP/USD pair overstretched to the downside and maintaining a strong technical bearish bias.

Key Quotes

"Technically, the 4 hours chart shows price extended further below a bearish 20 SMA, momentum heads strongly south in oversold territory, and RSI stands at 28, all of which supportive of the dominant bearish trend, but signaling the risk of an upward correction."

"Immediate resistance stands now around 1.5720, and it will take some steady gains above this level to see the upward correction extending towards 1.5770 price zone, where selling interest is expected to resume."

"Below 1.5650 on the other hand, should see the pair resuming the downside, short term targeting the 1.5650 price zone."

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