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.
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.
