GBP/USD: Bottom out of sight

GBP/USD was close to 1.32 on March 9, and it is nearing 1.19 just 9 days later. It is down over 1,200 pips and counting. The lack of an end in sight is making extreme oversold conditions look irrelevant, in the opinion of Yohay Elam from FXStreet.

Key quotes

“The daily chart comes in handy amid the fall. The cable is down to the lowest since October 2016, when it suffered a flash crash to around 1.19.”

“The Relative Strength Index is well below 30, indicating extreme oversold conditions, but abnormal conditions mean it could continue lower.”

“Support awaits at 1.1905, followed by 1.18 and 1.17.” 

“Resistance is at 1.1957, the September 2019 low, and then by 1.20.”