GBP/USD technical analysis: Bears aim for 11-month old support-line

• Sustained trading below early-month low drags the GBP/USD to fresh low since March 2017.
• Bears refrain from respecting oversold RSI, target multi-month old support-line.

Following its downpour beneath the early-month low, the GBP/USD pair drops to fresh 28-month low as it trades near 1.2177 during early Tuesday.

While bears are targeting a downward-sloping trend-line since mid-August 2018, at 1.2110 now, oversold levels of 14-bar relative strength index (RSI) can keep the quote’s further declines limited.

On the upside, July 17 low around 1.2380 acts as near-term key resistance ahead of highlighting January bottom surrounding 1.2440. Further, the 21-day exponential moving average (EMA) level of 1.2458 may entertain buyers.

GBP/USD daily chart

Trend: Bearish