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GBP/USD trading slightly around 1.6095 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that GBP/USD closed the week below 1.6 1 levels and is currently trading near 1.6095, with the daily RSI bearish at 45.96.

Key quotes

"The hourly RSI is falling fast towards the 50.00 levels as the pair struggled near 1.61-1.6610 levels since the Asian session."

"Moreover, the pair has a strong resistance around 1.6110 on the daily chart."

"A fresh demand for the Pounds can be anticipated above 1.6112 levels, which happens to be the 23.6% retracement level of the 300-pip rally witnessed earlier this month."

"However, the bears may gain control of the pair if the prices confirm a breach of 1.6064 levels on the hourly charts, opening doors for a re-test of 1.6 levels."

GBP/USD hangs around 1.61, shy to go higher

GBP/USD spent most of the time trading just below 1.61 in Asia; currently, it’s trading at 1.6094.
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