Forex Flash: GBP/USD holds bearish bias - Nomura

Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective and believe it looks bearish ahead.

Amen notes that spot is down on the week and he is sticking with his bearish view. Following his daily chart he notes that bandwidth has started to come off, suggesting that the move will more likely grind to a halt, rather than a quick breakout. He writes, “RSI remains heavily in oversold, indicating there is still downside momentum and we haven't yet reached a low.” His target is 1.4820 where the lower Bollinger band lies.