Is GBP getting ready for a rebound ?

It seems the financial storms over the EU is even more life threatening than that over the US. The GBP has been falling like a rock since December last year. It comes down from a high of 2.116 to a low of 1.349 registered on 23rd January this year.

As usual, before that all the "experts" were telling us how mor higher can the GBP trash the USD. Of course they put the blame of the "black swan" - everything but themselves.

Looking at the daily chart, it seems that the GBP MAY do a short term technical rebound. As prices have been falling one new low after another since November, but the MACD indicator has instead doing a series of higher troughs. As it is fast approaching its own zero signal line, I am getting increasing bullish on this pair.

But I also take note that the Stochastic has NOT yet turn around. And the worst of all is the ADX has been falling confirming a lack of a strong trend in this market. So at this moment, I would watch (1) the Stochastic first to see the emergence of a reversal signal; (2) the recent fractal point of 1.4984 taken out; (3) the recent D- peak taken out and the MACD crossing above its zero signal line.

Once all the above are in, then we should see the GBP staging a mighty rebound.

Since there is similar bullish divergence in the weekly chart, I will take this as a short term technical rebound in an grossly oversold situation. Nothing more.