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GBP/USD extends its losses today - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole notes the GBP/USD pair extending its losses today to 1.5678 after ending lower yesterday at 1.5710.

Key Quotes

“The GBP/USD pair ended lower at 1.5710, dipping well below 1.5722 levels, which is the 61.8% retracement level of the uptrend witnessed during July 2013 to July 2014. The pair extended its losses today to trade at 1.5678, with the daily RSI bearish at 29.74 levels.”

“On the hourly charts, the RSI is oversold indicating a possibility of a minor upswing in the pair. Moreover, the weekly closing would decide the next move in the pair.”

“A weekly close below 1.5722, shall open doors for 1.5608 levels on the downside.”

“Meanwhile, the GBP bulls may get a respite next week if the pair manages to rise above 1.5722 levels today. In such a case, a fresh demand for GBP could be seen next week, that can take the pair towards 1.6 levels.”

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