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GBP/USD slowly inching towards the 1.62 mark - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole notes that after finishing on Monday at 1.6163 levels, GBP/USD continues climbing steadily towards the 1.62 area on Tuesday.

Key quotes

"The pair is trading higher at 1.6181 levels, slowly inching towards the 1.62 mark, although the hourly RSI appears exhausted around 70.00 levels."

"GBP/USD may rise to 1.6220-1.6230 levels, whereby prices may struggle due to the overbought nature of the RSI on the hourly charts."

"A failure to rise above the technical resistance of 1.6228, is likely to push the pair back to 1.6160 levels."

"On the other hand, bears may regain control if the prices fall below 1.6160 levels, in which case the daily RSI, too, would fail to rise above 50.00 levels."

"A fresh demand for Pounds can be anticipated once the pair confirms a breach of 1.6228 levels on the hourly chart."

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