GBP/USD Wednesday’s four-hour chart is showing that the cable is nearing oversold conditions, as NDDFX’s analyst Yohay Elam notes.
“The Relative Strength Index on the four-hour chart is nearing the 30 level, getting closer to oversold conditions and thus implying a bounce.”
“Support awaits at the fresh low of 1.2250. It is followed by the April low of 1.2160.”
“Resistance is at 1.2335, the daily high, followed by 1.2410, which supported it in mid-April and it is also where the 100 SMA meets the price.”