GBP/USD – Oversold on intraday timeframes

OANDA:GBPUSD   Pound British/Dolar U.S.
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The pair has been offered in Europe and US after UK PM Theresa May said she will invoke article 50 by March 2017. She also said that it could be a hard Brexit – meaning the country would retain the right to determine immigration against access to free markets.

Consequently, Sterling is suffering across the globe. However, the reaction looks slightly irrational as –
• Eurozone would be equally hit if UK loses access to common markets. However, Euro is somehow resilient that too despite Deutsche Bank concerns.

• Furthermore, PM setting the date for invoking article 50 has taken out uncertainty.

Nevertheless, the currency pair is sliding and clocked a low of 1.2825 levels.

Technicals – oversold on intraday time frames

There is bullish divergence on 15- min charts, while the hourly RSI and 4-hr RSI are oversold.
Hence, the spot could revisit area around 1.2980 levels, which is the falling trend line hurdle on the 15-min chart.

On the lower side, 1.2789 (post Brexit low) is a major support.
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