GBP/USD: Another small downside move would indicate a correction

The cable Mid-March's daily chart is pointing to further, yet limited falls. Yohay Elam, an analyst at FXStreet, examines the GBP/USD pair from a  technical perspective.

Key quotes 

“GBP/USD has been on the back foot and the Relative Strength Index on the daily chart is just above 30 – currently outside oversold conditions, but only just. Another small downside move and it would already indicate a correction.” 

“Support awaits at 1.2405, 1.23, and 1.22.”

“Resistance is at 1.2495, 1.2625 and 1.2720.”