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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.”

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