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GBPUSD tumbles to fresh 6-month low, looks oversold
GBPUSD has been forming a structure of lower highs and lower lows since its 15-month peak of 1.3141. Meanwhile, in the near term, the RSI has entered its 30-oversold mark and the stochastic oscillator is touching its 20-oversold territory, both suggesting that the recent drop might be overstretched. Should the downtrend resume, the price may initially face the 1.2000 psychological mark. A violation of that floor could pave the way for the March bottom of 1.1800. Failing to halt there, the pair could then descend towards the October 2022 resistance of 1.1644, which could serve as support in the future. Alternatively, ... (full story)