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GBP/USD shows signs of weakness - FXStreet

FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, fresh signs of weakness are evident for the GBP/USD pair as it trades around 1.5650 levels, with the daily RSI bearish at 31.10 levels.

Key Quotes

“The GBP/USD bounced-off once again from the support located at 1.56 to finish higher at 1.5676 levels yesterday. Fresh signs of weakness are evident as the pair trades around 1.5650 levels, with the daily RSI bearish at 31.10 levels. Moreover, the pair faced rejection near the trend line resistance at 1.5690 earlier today.”

“Meanwhile, the hourly chart shows, the RSI has turned bearish at 42.32 levels, indicating a further room for a decline. However, losses in the pair are likely to be capped around support at 1.56 levels.”

“With the UK retail sales number expected to improve in October, a fresh demand for Pounds can be anticipated on dips. A strong UK retail sales number is likely to push the pair towards 1.5720 and 1.5740 levels.”

“Meanwhile, a break below 1.56 levels may accompanied by a weak retail sales figure shall open doors for a sell-off towards 1.5550 levels.”

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