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GBP/USD struggling to rise above 1.6042 - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that GBP/USD, finished on Thursday at 1.6029 is attempting to climb above 1.6042.

Key quotes

"The pair is struggling to rise above 1.6042 despite the hourly RSI hovering above 50.00 levels."

"Moreover, the bulls are likely to have a say if the pair manages to rise above 1.6066, which happens to be the 38.2% retracement level of the 300-pip rally witnessed last week."

"The pair is also trading below the 5-day and the 10-day moving average levels of 1.6058 and 1.6079 respectively."

"Moreover, the daily RSI, at 42.10, points to a further sell-off in the pair."

"Meanwhile, bears are likely to come-in strong below the 61.8% retracement level of 1.5993."
"The pair is likely to trade in a sideways manner ahead of the UK GDP data."

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