With everyone keeping their eyes on the EUR and the JPY, the British Pound has managed dive to levels not seen since last August. Currently trading just below 1.5650, the bearishness on the currency is growing.
Technically, the daily charts are showing RSI in the low 30″²s, while the hourly RSI is near 25. An RSI below 30 indicates an oversold situation.
The failure to move higher over the last few days, has turned sentiment negative on the GBP and the earlier break of 1.5725 has accelerated the move.
A break of 1.5630 would target the next support area at 1.5610. On the topside, a close above 1.5775-80 would be needed to reverse the downward trend.
Further reading: British pound forecast.
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