GBP/USD looking oversold s/t by Milan Cutkovic

  • Cable had a decent bounce off the 1.5025 support area today
  • The pair failed to sustain momentum above 1.51, but is heavily oversold in the short-term and there is decent risk of a short squeeze
  • 1.5190/1.52 is the next major resistance area
  • That being said, the overall trend remains clearly negative and selling large rallies is the preferred strategy
  • The first bear target is 1.4948, with 1.4800 then the next major level

GBPUSD

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