GBPUSD Technicals Weekly - RSI rolling over from above 70
24 August 2014, 20:11
- “Of note is a weekly outside reversal and weekly RSI rolling over from
above 70 this week. Prior instances of RSI rolling over (2004, 2006, and
2007) from above 70 indicated tops of at least several months.”
- GBPUSD has traded back to the year open (1.6565). 1.6565 to the March
low (1.6464) forms a support zone for a bounce. If this zone gives way
then then major support comes in from the 3 peaks in 2012 and this
year’s low at 1.6250-1.6340. Expect resistance on any rebound, whether
in the coming weeks or months, at 1.6820/90.
![](https://c.mql5.com/6/15/USDJPY-Breakout-and-AUD-Relative-Strength-Opportunities_body_Picture_6.png)