GBP/USD Technical Analysis: Oversold Levels

Amid the recovery of the US dollar in the forex market, the pound sterling was the main loser against it. Accordingly, the Pound sterling fell against the dollar, GBP/USD, to the support level of 1.1792, the closest to its lowest during the trading of the year 2022. It closed trading last week, stable around the 1.1825 level. The pair’s losses pushed the technical indicators towards oversold levels However, the weakness factors still warn of further losses for the currency pair. This week, the US dollar will be the focus of investors’ attention, and this time it will be monitoring to announce the growth rate of the US economy, and what will be mentioned in the Jackson Hole symposium organized by the US Federal Reserve. Jerome Powell’s statements in this event will receive more attention and monitoring.

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