GBPUSD continues to plummet into the abyss
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On the 1H chart, GBPUSD's downtrend remains evident as it stays below the 1.2065 low. After reaching a high of 1.2271 last Friday, I mentioned yesterday that there was no sustained upward momentum and it was unlikely for GBP to make further gains. Our expectation is for GBP to consolidate within the range of 1.2145/1.2255. However, instead of consolidating, GBP dropped to a low of 1.2086.
Despite being heavily oversold, there is still potential for further weakening in GBP's value. Nevertheless, at this moment in time, it seems unlikely that we will reach the key support level at 1.2000 (although there is another support level at 1.2050). Conversely, should GBP break above the minor resistance levels at 1/2155 (with slight resistance present at around 2/2120), this could indicate that its weakness has stabilized and potentially reversed its course
On the 1H chart, GBPUSD's downtrend remains evident as it stays below the 1.2065 low. After reaching a high of 1.2271 last Friday, I mentioned yesterday that there was no sustained upward momentum and it was unlikely for GBP to make further gains. Our expectation is for GBP to consolidate within the range of 1.2145/1.2255. However, instead of consolidating, GBP dropped to a low of 1.2086.
Despite being heavily oversold, there is still potential for further weakening in GBP's value. Nevertheless, at this moment in time, it seems unlikely that we will reach the key support level at 1.2000 (although there is another support level at 1.2050). Conversely, should GBP break above the minor resistance levels at 1/2155 (with slight resistance present at around 2/2120), this could indicate that its weakness has stabilized and potentially reversed its course
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