GBPUSD Weekly Technical Outlook: Short-Term Chart Looks Oversold

GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD Four-Hour chart oversold.
  • Daily chart dominated by lower highs and lower lows.

We have recently released our Q4 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

GBPUSD Drops Nearly Three Cents This Week

Cable is down the best part of three cents this week and remains in oversold territory (four-hour chart) but is attempting to rally off its seven-week low. The RSI indicator – at the bottom of the chart – is trying to push out of oversold territory and there remains a possibility that cable may retrace a gap on the chart back to Wednesday’s low at 1.28671. Lower highs remain dominant on the chart and cable needs to break and close above 1.29085-1.29221 to regain a semblance of strength.

GBPUSD Four Hour Price Chart October 26, 2018

GBPUSD Weekly Technical Outlook: Short-Term Chart Looks Oversold

The daily GBPUSD chart continues to paint a negative picture with a clear two-week downtrend in place. There are six consequtive lower highs and lower lows in place with Thursday’s candle unable to break

Article source: