OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD: Oversold conditions can make the pound a winner

GBP/USD is trying to stabilize after the dollar's surge following the massive sell-off. The four-hour chart is pointing to oversold conditions on the cable.

Key quotes 

“The Relative Strength Index on the four-hour chart is below 30, indicating oversold conditions and suggesting a bounce.” 

“Other indicators point to the downside, with the pair trading below the 50, 100, and 200 Simple Moving Averages and momentum pointing down.”

“Support awaits at 1.2530, a temporary low, followed by 1.2490, the fresh 2020 low.”

“Resistance is found at 1.2630, the daily high, followed by 1.27, a temporary peak from the autumn.”

ECB's Visco: First response to crisis is role of governments

The European Central Bank's (ECB) monetary policy will be adjusted across time and jurisdictions to ensure proper transmission, ECB Governing Council
Read more Previous

NZD/USD registers decisive daily gains near 0.6150 on recovering sentiment

After erasing 150 pips on intense flight-to-safety and broad-based USD strength on Thursday, the NZD/USD pair gained traction on Friday and was last s
Read more Next
Start livechat