GBP/USD still capped below 1.6000 - FXStreet

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik points out, GBP/USD rose as high as 1.5998 so far on Monday, unable to overcome the 1.6000 level.

Key quotes

"Technically, the 1 hour chart shows price above a flat 20 SMA, RSI turning lower below 50 and momentum aiming slightly higher right above 100, showing little directional strength."

"In the 4 hours chart however, the bearish tone prevails with price well below a strongly bearish 20 SMA and indicators turning back south in oversold levels, after a limited upward correction, keeping the pressure to the downside."