Cable looking oversold

Cable looking like it is now in oversold conditions and could potentially be a good time to get in on a long position. It bounced off of 1.71910 which was a recent high and has now come down to some previous resistance which looks like support around the 1.698 mark. As it has stalled at this previous congestion this could be the bottom of the correction in a longer term uptrend. Potentially a good trade with a tight stop and fair amount of pips to be made.