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GBP/USD – Eyeing trend line support

FX:GBPUSD   British Pound/U.S. Dollar
GBP/USD             pair has dropped to a fresh 30-year low of 1.3055 levels. It seems the markets are pricing-in a Bank of England (BOE) rate cut in August.

As of now, there is very little on chart that suggests a possibility of a sharp recovery except the daily RSI which is oversold once again.

The pair could find support around 1.30054 which is a trend line support (join Jan 21 low and Feb 29 low and extend the trend line ).

Bulls should hope for a positive daily closing from here today or later this week as such a move would create a bullish price RSI divergence and open doors for a technical recovery.

A daily closing below 1.30 would only add to the bearish pressure around Pound.
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