GBP/USD - daily technical Forecast

By IBTimes Staff Reporter | May 25 2010 4:34 AM

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GBP/USD closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this month's decline, the 87% retracement level of 2009's rally crossing is the next downside target.

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