GBP/USD was close to 1.32 on March 9, and it is nearing 1.19 just 9 days later. It is down over 1,200 pips and counting. The lack of an end in sight is making extreme oversold conditions look irrelevant, in the opinion of Yohay Elam from FXStreet. Key quotes “The daily chart comes in handy amid the fall. The cable is down to the lowest since October 2016, when it suffered a flash crash to around 1.19.” “The Relative Strength Index is well below 30, indicating extreme oversold conditions, but abnormal conditions mean it could continue lower.” “Support awaits at 1.1905, followed by 1.18 and 1.17.” “Resistance is at 1.1957, the September 2019 low, and then by 1.20.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Price Analysis: BTC/USD range-bound with bearish bias, $5,000 under threat FX Street 2 years GBP/USD was close to 1.32 on March 9, and it is nearing 1.19 just 9 days later. It is down over 1,200 pips and counting. The lack of an end in sight is making extreme oversold conditions look irrelevant, in the opinion of Yohay Elam from FXStreet. Key quotes “The daily chart comes in handy amid the fall. The cable is down to the lowest since October 2016, when it suffered a flash crash to around 1.19.” “The Relative Strength Index is well below 30, indicating extreme oversold conditions, but abnormal conditions mean it could continue lower.” “Support awaits at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
