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GBP/USD: High volatility may wipe out any levels instantly

GBP/USD is currently trading at the 1.15 handle. Thursday's charts are pointing to oversold conditions on various timeframes, as FXStreet’s Yohay Elam notes.

Key quotes

“The Relative Strength Index is pointing to oversold conditions – below 30 – on the four-hour charts and also on other timeframes such as the daily chart.” 

“Support awaits at the new historic low of 1.1440. It is followed by 1.13 and by 1.10 – round numbers.”

“It is essential to remember that high volatility and trading at levels last seen since 1985 means that any levels may be wiped out instantly.”

“Some resistance awaits at 1.1660, the daily high, followed only by 1.1957, the September 2019 low.”

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