GBP/USD late March’s daily chart is pointing to oversold conditions. Yohay Elam, an analyst at FXStreet, takes a look at the cable’s technical outlook.
Key quotes
“It is essential to note that volatility has significantly increased, while liquidity is sometimes lacking. Trading with lower leverage is warranted.”
“The Relative Strength Index on the daily chart is attempting to rise above 30 – exiting oversold conditions – and if that happens, it will allow for further falls.”
“The round level of 1.16 may provide some support. It is followed by 1.1440, the initial trough, followed by 1.1409, the most recent 35-year low.”
“Resistance awaits at the post-crash high of 1.1878, followed by the September 2019 low of 1.1957.”
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