GBP/USD: Time For A Rebound After Days of Sell-Off?

The British pound extended its slide towards 1.3570 and pound traders wonder whether there will be room for small rebounds now since sterling finds itself in oversold territory after days of sell-off.

While we believe that the recent downtrend in the GBP/USD could persist, we will watch out for corrections towards 1.3750. On the downside, we consider the 1.3550-area as a next support.

The EUR/USD traded with a slight downward tilt but price action was muted ahead of tomorrow’s ECB decision. We continue to watch out for a break below 1.1730 and 1.17.

It has been a very profitable trading day in terms of our daily entries in the DAX as both long and short entry have proved profitable amid yesterday’s sideways fluctuations.

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