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GBP/USD Fresh selling pressure anticipated - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole anticipates a fresh selling pressure on rallies for the GBP/USD pair as long as the pair trades below 1.6030 levels.

Key Quotes

“The GBP/USD fell sharply on Wednesday to end at 1.5785 levels, after the Bank of England quarterly inflation report squashed hopes of an early interest rate hike in the UK.“

“The pair is trading lower at 1.5772 levels with the daily RSI bearish at 33.00 levels. Technically, the pair also ended yesterday below the previous cyclical low of 1.5790, opening doors for a further sell-off towards 1.5722 levels.”

“Meanwhile, the hourly chart shows the pair is struggling near 1.5780 levels today, while the hourly RSI at 34.00 levels is pointing to a further sell-off in the pair.”

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