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GBP/USD trading near the 1.5980 region - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that after finishing the day at at 1.6012 on Wednesday GBP/USD is trading lower today close to the 1.5980 level.

Key quotes

"The daily RSI bearish at 39.65 levels."

"Moreover, the pair has declined below 1.5993 levels, which is the 61.8% retracement level of the uptrend witnessed earlier this month."

"However, the prices may re-test 1.61 levels today during the European session as the hourly RSI has fallen into the oversold territory."

"The prices are likely to re-test 1.5940 levels today if the pair struggles to rise above 1.6 levels."

"Meanwhile, the GBP bulls are unlikely to have a say so long as the pair trades below 1.6070 levels."

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