• Sterling searching for traction having based at 1.2239 Thursday

• Still very much a bear market and a return to the year's low likely

• Fourteen day negative momentum has faded slightly

• Daily RSI is levelling off near over sold levels

• Risky strategy given the trend but we see scope for corrective rebounds

• A bid is placed just ahead of the 1.2187 low from Nov. 23 2023GBP/USD Trader: [page:2338]
GBP/USD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own.)