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GBP/USD trading flat on Friday - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that GBP/USD is trading flat today, close to the 1.6106 resistance level.

Key quotes

"The GBP/USD pair managed to finish above 1.6 levels, rising through the 5-day and the 10-day moving average level on its way up."

"The pair is trading flat today, after having tested the 10-day moving average level of 1.6072."

"Moreover, the pair is stuck around the 1.6106 resistance level, while the daily RSI hovers around 43.00 levels."

"On the hourly chart, the pair is struggling to take out 1.61 levels as the hourly RSI turned downwards from the overbought zone."

"We could see the pair falling back to 1.6060 levels if it fails to rise above 1.61 levels post the European equity markets opening."

"The losses may be extended to 1.6020 levels if the prices breach through an immediate support of 1.6060. The hourly RSI, currently at 61.29, shall start declining rapidly once the prices fall below 1.6060 levels."

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