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GBP/USD has collapsed into 35 year lows. Karen Jones, Team Head FICC Technical Analysis Research, takes a look at the cable’s technical picture.

Key quotes

“We have eroded the 1.1491 October 2016 low. Further down sits the 1985 low at 1.0463. Rallies are indicated to fail in the 1.1862, 1.2118 band.” 

“The daily RSI is down to 11 and is in oversold territory and we may see some consolidation ahead of further losses.” 

“Minor resistance comes in at the 1.1958 September 2019 low and the 1.2194 October low and while capped here rallies will make no impact on the chart.”