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GBP/USD unable to advance above 1.5990 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD is trading in a tight 40-pips range on Monday, not capable of climbing above the 1.5990 area.

Key quotes

"With no data coming from the UK neither from the US later on the day, the market is set to trade quietly today, and if something, US stocks can lead the way."

"Technically, the 4 hours chart maintains the bearish bias, with 20 SMA well above current price and indicators turning flat in oversold territory."

"The 1.6000 psychological figure has become the first barrier to the upside, yet a recovery above the level, up to 1.6050 will hardly affect the dominant bearish trend."

"Further slides below mentioned low of 1.5950 on the other hand, should see the slide extending down to 1.5900/10 price zone."

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