GBP/USD looking to make a strong rebound

GBP/USD looking to make a strong rebound

GBP/USD has been very bearish since start of the week and looks forward to reach a demand zone established by our Fibonacci projections. As it remains below the 50 SMA at H4 chart, Cable is poised to do another leg lower towards the 1.3213 level, at which lies the 200 SMA and 50% Fibo zone. Around that area, we can expect a rebound to take place towards the -23.6% Fibo level at 1.3863.

RSI indicator is in the oversold territory.

GBPUSDmH4.png

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