GBP/USD DeMarker Indicator Signals Oversold
Solid ECN—The DeMarker indicator in the GBP/USD 4-hour chart suggests the pair is oversold, hovering below the 0.3 line. As of this writing, the pair tests the 1.269 resistance. A pullback could be imminent, and it is not wise to go short in an oversold market. Therefore, traders should wait patiently for the price to consolidate.
If the price remains below the immediate support level at 1.271, the next bearish target should be set at 1.267.
On the flip side, the bearish outlook should be invalidated if the GBP/USD price rises above the Ichimoku cloud.