GBP/USD intraday : the RSI is oversold

Our pivot point is at 1.3420.

Our preference: the downside prevails as long as 1.3420 is resistance

Alternative scenario: above 1.3420, look for 1.3456 and 1.3478.

Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3429 and 1.3431).

Supports and resistances:

1.3478 **

1.3456 *

1.3420 **

1.3405

1.3387 last

1.3340

1.3318 **