GBP/USD with another possible leg lower

GBP/USD with another possible leg lower

2019-11-11 • Updated

GBP/USD was one of the major losers during last week, following BoE’s decision to keep rates unchanged and positive NFP data in the United States. Currently, the pair is forming a lower low pattern below the 1.3058 level and it’s awaiting to duplicate a cycle started since August 3rd, towards the 1.3010 level, at which is located the Fibonacci zone of 100%.

That’s why our preferred scenario is calling for another leg lower, but above 1.2974, Cable might start to correct the downside and such rebound could be limited in a first degree by the resistance area of 1.3123. RSI indicator is still at the oversold territory.

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