The GBPUSD testing channel support and key Fibonacci levels.

The GBPUSD has slumped to channel lows and just below the 88% retracement of the post Brexit announcement lows to 2018 recovery highs. In addition, we came within just a few pips of the 127% extension of the 2019 range. With the daily RSI not as oversold as we have seen historically, the pair could have further to fall. The DSI (daily sentiment index) is reading below 10 which could mean bearish sentiment is nearing an extreme.

Blake Morrow