GBPUSD has slumped back to key support.

A lot of traders have turned near term bearish the Cable as we have slumped from the 1.3500 level to 1.30000 in the last few sessions. Before you get too bearish, we are at some key support. The 1.3015 level was the major breakout of the range the pair traded in October to November before we broke out higher. Also, from the October lows as we are at the 38% retracement. RSI is mid range once again which could allow for a bounce if buyers step back in.

Steve Voulgaridis