Bloomberg: GBP/USD Price Forecast: Technical outlook The GBP/USD is trending down, extending its bearish bias. Sellers are eyeing intermediate support at 1.2445, the May 9 swing low. If breached, the pair could refresh year-to-date (YTD) lows of 1.2299, which were hit on April 22. Indicators like the Relative Strength Index (RSI) turned oversold beneath the 30 level. Nevertheless, it has not reached extreme levels, usually seen in solid trends. In the case of a downtrend, the 20 level would suggest the GBP/USD is oversold. Conversely, if bulls move in and reclaim 1.2600, look for a test of November’s 20 peaks at 1.2714 as the next resistance. If surpassed, the next stop would be the 200-day Simple Moving Average (SMA) at 1.2818.