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FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, GBP/USD intraday charts signal that the pair remains overbought, hence a downside correction towards 1.5144 and 1.51 might be seen on a break below 1.5173.
Key Quotes
“The pair currently trades at 1.5177, just above the 61.8% Fib retracement of 1.550-1.4564 located at 1.5173. With the daily RSI bullish at 66.00, there is enough room for the pair to extend gains.”
“However, we see a bearish RSI divergence on the hourly charts, while the 4-hour RSI has hit the overbought zone. Hence, a technical correction could be seen.”
“A break below 1.5173, could see fresh offers pushing it lower to 1.5144 and 1.51 levels.”
“On the other hand, a break above 1.52-1.5213 could drive the pair higher to 1.5318 levels.”
