GBP/USD bounces off a year-old support-line amid oversold RSI. Buyers stay away unless clearing mid-July lows. Following its U-turn from a downward sloping trend-line since August 2018, the GBP/USD pair takes the rounds to 1.2130 heading into the London open on Thursday. While oversold levels of 14-day relative strength index (RSI) favor the odds of the pair’s pullback towards 1.2250 on the break of 1.2170, July 17 low and 21-day exponential moving average (EMA) can keep the upside limited around 1.2382 and 1.2400 respectively. Given the pair’s ability to cross 1.2400 on a daily closing basis, buyers can target January month bottom surrounding 1.2440 ahead of aiming 1.2500 and July month top near 1.2580. Alternatively, pair’s weakness beneath 1.2100 long-term support-line can take rest around 1.2000 psychological magnet whereas 2017 low near 1.1980 could question bears afterward. GBP/USD daily chart Trend: Bearish 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 GBP Futures: room for further retracement FX Street 4 years GBP/USD bounces off a year-old support-line amid oversold RSI. Buyers stay away unless clearing mid-July lows. Following its U-turn from a downward sloping trend-line since August 2018, the GBP/USD pair takes the rounds to 1.2130 heading into the London open on Thursday. While oversold levels of 14-day relative strength index (RSI) favor the odds of the pair's pullback towards 1.2250 on the break of 1.2170, July 17 low and 21-day exponential moving average (EMA) can keep the upside limited around 1.2382 and 1.2400 respectively. Given the pair's ability to cross 1.2400 on a daily closing basis, buyers can target January… 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.
