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GBP/USD Forecast: Resistance at 1.5920 - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that GBP/USD is consolidating around 1.5900 on an usually quiet Monday, with markets still digesting last week fundamental events.

Key Quotes

"The calendar will remain empty in the UK until Wednesday, when the kingdom will release its monthly employment figures, meaning the pair can remain range bound until then."

"In the meantime, the 4 hours chart shows price unable to advance above a bearish 20 SMA at current levels, while indicators recovered from oversold readings but losing upward strength right below their midlines, with RSI even turning lower around 46, reflecting little buying interest at current levels. The immediate resistance stands at 1.5920, and it will take some steady gains above it to confirm further intraday gains, eyeing then 1.5950/60 price zone in the short term."

"Friday’s close on the other hand stands as the immediate short term support at 1.5870, with a downward acceleration below opening doors for a steady decline towards 1.5820/30 price zone."

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