GBPUSD will retest the 1.20 area before the end of the year!
GBPUSD drops to lowest in 5 months; outlook still bearish
GBPUSD had a deep fall during Monday’s trading period as it dropped below the narrow range of 1.3450 to 1.3600, which had been holding over the previous two weeks. The price plunged to a new five-month low of 1.3389, however, price action is at the moment taking place not far above this trough. In the daily timeframe based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI indicator is flattening in the oversold level near the 30 barrier, while the MACD oscillator is trying to jump above its trigger line to create a bullish cross in the negative territory. If price action ... (full story)