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GBP/USD to be range bound - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole anticipates GBP/USD to trade range bound today after ending lower yesterday at 1.5631.

Key Quotes

“The pair is trading slightly lower around 1.5620 levels today with the daily RSI oversold at 27.45 levels. Meanwhile, on the hourly chart, the pair has bounced-off once again from the support located at 1.56, although the hourly RSI is still bearish at 42.77 levels.”

“However, the pair is likely to witness a pullback towards 1.57 levels, if it manages to sustain above 1.56 levels during the European session.”

“Moreover, a daily close above the trend line resistance at 1.5690 shall open doors for 1.5750 levels."

“Overall, the pair should trade rangebound with losses capped around 1.56, while gains capped around the 10-SMA level of 1.5750.”

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