GBP/USD Turns Bearish

The sterling struggles to stabilize as the UK braces for a fuel supply shock.


After three months of sideways action, the break below the daily support at 1.3600 could be the confirmation that the pound has sunk into a downtrend.


Strong momentum suggests that those who bought the dips had to bail out. 1.3300 is the next target.


A deeply oversold RSI would cause a limited rebound when short-term sellers take profit. 1.3550 is likely to cap the bounce with bears waiting to sell into strength.


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