Jul 19 2018

GBPUSD – Rebound expected, set to rise

GBPUSD:- The GBP/USD is under huge pressure. A sharp downfall turns the pair entering in oversold territory as the Relative Strength Index is close to the 30 level and Slow Stochastic is reaching towards 20 mark – an indication of price reversal sooner than later. The pair is likely to find its support on a downward sloping trend channel, which is at somewhere around 1.2950 mark. Expecting a pullback towards its immediate resistance area( downward sloping trend channel resistance), which stood at around 1.3200 level. A convincing break below the trend channel will negate the above view.