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GBP/USD trading sideways around 1.6090 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole notes that GBP/USD is trading close to 1.6090 on Monday, attempting to push through the resistance level of 1.6120.

Key quotes

"The GBP/USD pair finished marginally lower below 1.61 levels on Friday, after the pair bounced back from the 5-day moving average level of 1.6038."

"The hourly chart shows prices have struggled multiple times to rise above 1.6120 levels, while the RSI continues to fall towards 50.00 levels."

"Moreover, the daily RSI is still hovering below 50.00 levels despite of a 250-pip rally in the pair. Thus, we could see the pair falling to 1.6060 levels today. The bears would be back if the pair fails to sustain above 1.6060 levels."

"On the other hand, a fresh demand for Pounds can be anticipated once the pair manages to take out 1.6120 levels."

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