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GBP/USD remains on the back foot near 1.14889 during the early Asian session on Thursday. The Cable earlier slumped to the lowest since 1985 while trimming more than 500 pips daily. However, the following higher low formation portrayed an ascending triangle on the 30-minute chart.

Sellers are waiting for fresh entries below the pattern’s support of 1.1485 to revisit the previous day’s low of 1.1450. Though, oversold RSI indicates the chances of the pair’s pullback, which in turn could challenge the pattern’s resistance line of 1.1665.

source; FX Street