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GBP/USD likely to remain capped around 1.58 – FXStreet

FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, GBP/USD gains are likely to remain capped around 1.58 level resistance as the pair trades around 1.5710 levels today.

Key Quotes

“The GBP/USD pair finished higher at 1.5709 on Tuesday leading to bullish crossover between the 5-DMA and the 10-DMA.”

“The pair trades more or less unchanged today around 1.5710 levels, after bouncing-off the from support of of the 5-DMA located at 1.5697.“

“The daily RSI stays bearish at 38.18 levels, although the pair appears bullish on the hourly chart with the RSI at 57.86 levels.”

“Thus, sharp gains in the pair can be anticipated once the pair breaches the hourly resistance located at 1.5738. In such a case, the doors are open for a technical target of 1.5880.”

“However, gains are likely to remain capped around the daily chart resistance located at 1.58 levels.“

“Meanwhile, the GBP bears are unlikely to have say till the pair trades above the trend line support on the daily chart located at 1.5660 levels.”

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