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GBP/USD back below 1.6 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that even though GBP/USD closed the day above the 1.60 area on Wednesday, today it's trading again below that level at 1.5980.

Key quotes

"The correction witnessed yesterday was driven by an oversold RSI on the hourly chart, which rose above 50.00 levels once the pair took out the resistance level of 1.5950."

"However, the pair has failed to sustain gains above the 5-day moving average level of 1.6007 today, leading to a fresh sell-off."

"The daily RSI is also struggling to rise above 40.00 levels since last week or so."

"The pair is likely to take out the immediate support of 1.5950 levels as the hourly RSI has declined below 50.00, pointing to a further downside in the pair."

"A fresh sell-off below 1.5950 can take the pair down to 1.59 levels today."

"On the contrary, fresh demand for pounds can be anticipated once the pair confirms a breach of resistance level of 1.6007 on the hourly chart."

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