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Further bearishness seen in GBP/USD - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that GBP/USD closed the session yesterday below the support level of 1.6052 and continues its downward move today.

Key quotes

"The GBP/USD pair finished just below the support level of 1.6052 yesterday, breaching through the 5-day and the 10-day moving average levels on its way down."

"The sell-off confirmed the failure of the daily RSI, currently at 42.32, to rise above 50.00 levels indicating further bearishness in the pair."
"Meanwhile, the pair hovers around 1.6060 levels today, while the hourly RSI has flattened out around 44 levels."

"A fresh selling pressure can be anticipated once the pair falls below 1.6029 levels, which also happens to be the 50% retracement level of the 300-pip rally witnessed since last week."

"Moreover, the hourly and the daily RSI will start sliding once the support level of 1.6029 is breached. Meanwhile, the bulls are likely to come-in only above 1.61 levels. "

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