GBP/USD Continues a Bearish Run as It Reaches the Low of 1.1621

It Reaches the Low of 1.1621

Technical indicators: 
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as it reaches the low of 1.615. The bears broke below the current support at level 1.1759 and continued the downward move. The pair has reached the oversold region as the market reaches the low of level 1.16108.

GBPUSD Indicator Analysis
GBPUSD is at level 28 of the Relative Strength Index for period 14. It indicates that the pair is in the oversold region. The price bars are below the moving average lines which causes the pair to fall. The selling pressure will subside as buyers emerge in the oversold region. The moving averages are sloping southward indicating the downtrend. The pair is below the 20% range of the daily stochastic.

What Is the Next Direction for GBP/USD?
On the weekly chart, the Pound has continued its downward move as it reaches the low of 1.1621. Meanwhile, on the July 11 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement suggests that the Pound will fall to level 1.618 Fibonacci extension or level 1.1196.

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