GBPUSD plummeted towards 1.0344 at the beginning of trading this week, late Sunday evening. Price recovered its earlier losses but remains below last week's lows. GBPUSD's daily candlestick justifies more upside over the next few sessions. Was todays early sell off a capitulation low? The Daily RSI has reached new oversold levels making lower lows. Price has formed a long lower tail in today's candlestick suggesting support by bulls. A bounce towards 1.14-1.15 is justified after such a sharp sell off. Today's candlestick pattern can be the start but we need to see more signs of strength. So far we have no confirmation of a reversal as price have only managed to recover today's earlier losses but did not recapture any important resistance level. So bulls looking to catch a falling knife need to be very cautious.
