GPBUSD - Approaching Strong Support Zone

As illustrated on the daily chart, price action is now approaching the 1.16 handle. From 1.16 down to 1.14, this area might show some bottoming or consolidation action. RSI on both the daily chart (left side) and the weekly chart (right side) are indicating this pair is oversold.

== TRADE IDEA ==

Wait for RSI on the daily timeframe to confirm lack of bearish momentum by climbing back above 30. Depending on when this happens, closely monitor the resistance trendlines for bearish continuation to the downside. A break above the descending trendline, could expose further upside towards 1.20 and then 1.22 as a strong area of resistance.