GBP/USD Technical Analysis: Bullish RSI divergence on 4hours chart

•  A bullish price relative strength index (RSI) divergence is seen in the GBP/USD 4-hour chart.
• 14-day RSI shows oversold conditions.

4-hour chart

Daily chart

Spot Rate: 1.3320

Daily High: 1.3325

Daily Low: 1.3297

Trend: Corrective rally likely

Resistance

1.3329 (5-day MA)

1.3407 (4-hour 50-MA)

1.3422 (May 24 high resistance on 4-hour chart)

Support

1.3294 (recent low)

1.3062 (100-week MA)

1.30 (psychological level)

The bullish price RSI divergence and the oversold 14-day RSI indicate scope for a corrective rally. That said, moving averages maintain a bearish bias - 5-day, 10-day, and 5-week, 10-week MAs continue to fall in a GBP-negative manner.