Brian greetings everyone!
GBP/USD has dropped below the lower limit of the descending regression channel today, and the Relative Strength Index (RSI) indicator on the 1D chart has fallen below 30, highlighting overbought conditions for this currency pair.
1.2240 is immediately seen as a support level for this pair. Closing below that level in the four-hour chart could open up an opportunity for another lower leg towards 1.2200 and 1.2140.
Therefore, GBP/USD needs to rise above 1.2260 (the lower limit of the descending channel) and stay there to extend the correction. 1.2300 and 1.2390 can be considered as resistance levels in this scenario.
GBP/USD has dropped below the lower limit of the descending regression channel today, and the Relative Strength Index (RSI) indicator on the 1D chart has fallen below 30, highlighting overbought conditions for this currency pair.
1.2240 is immediately seen as a support level for this pair. Closing below that level in the four-hour chart could open up an opportunity for another lower leg towards 1.2200 and 1.2140.
Therefore, GBP/USD needs to rise above 1.2260 (the lower limit of the descending channel) and stay there to extend the correction. 1.2300 and 1.2390 can be considered as resistance levels in this scenario.
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good luck
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GBP/USD closed the second consecutive day in negative territory on Thursday and extended its slide to the 1.2250 area early Friday
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Upside risks to a slowdown in the UK economy have forced investors to dump the Pound Sterling.
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Do you have any questions to ask Brian?
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The DXY index is currently near 105 points.
