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GBP/USD sliding in European session - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD was consolidating close to the 1.6000 level ahead of the European opening but started to decline afterwards.

Key quotes

"Local share markets are falling strongly after a mild positive opening, which increases the risk sentiment and limits gains in high yielders such as the GBP."

"Technically, the 4 hours chart presents a mild bearish tone with price accelerating lower after failing to establish above a bearish 20 SMA, with momentum below 100 and RSI turning lower on ongoing short term pressure."

"The 1.6020 level has offered intraday resistance since late Wednesday, which means price needs to establish above it to gain some upward momentum, yet some follow through below 1.5950, will likely keep risk to the downside, eyeing 1.5900 price zone."

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