GBP/USD Forecast: RSI Recovers from Oversold Territory

GBP/USD Forecast: RSI Recovers from Oversold Territory

From forex.com

GBP/USD bounces back from a fresh yearly low (1.2037) to snap the recent series of lower highs and lows, and a move above 30 in the Relative Strength Index (RSI) may accompany a larger rebound in the exchange rate like the price action from last year. GBP/USD Forecast: RSI Recovers from Oversold Territory Keep in mind, GBP/USD has fallen for the past four consecutive weeks, with the 50-Day SMA (1.2540) now reflecting a negative slope, but the RSI may show the bearish momentum abating as it attempts to climb out of oversold territory. Nevertheless, developments coming out of the US may sway GBP/USD as the Bank of ... (full story)

It will gain a lot of pipis today in bullish mode

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