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GBP/USD is struggling near 1.5980 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that GBP/USD is trading close to the 1.5975 area on Monday after closing the week slightly below 1.6 levels.

Key quotes

"Moreover, the pair has recovered from an early slump tracking the bullish Price-RSI divergence on the hourly charts."

"However, the pair is struggling near 1.5980 levels with the hourly RSI just below 50.00 levels."

"A fresh demand for Pounds can be anticipated only above 1.6021 levels."

"The pair may test the 5-day moving average level of 1.6021, if the prices manage to rise above 1.5980 levels."

"However, a fresh demand for Pounds can be anticipated once the pair confirms a daily closing above 1.6 levels."

"Meanwhile, repeated failures to rise above 1.6 levels shall open doors for a re-test of 1.5875 levels."

Spain Markit Manufacturing PMI came in at 52.6, above expectations (52.3) in October

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