GBP/USD Buried In Bearish Territory

Technical analysis of Forex market

The pound continues to retreat after Britain’s growth fell short of expectations in Q3. A break below September’s low at 1.3420 has invalidated the latest rebound, putting buyers on the defensive once again.

The RSI’s double bottom in the oversold area may ease the bearish push momentarily. A bounce could be an opportunity to sell into strength.

1.3500 is the immediate resistance. On the downside, renewed momentum would drive price action towards last December’s lows around 1.3200.