Forex: GBP/USD bounces at 1.5990, back to 1.6030

FXstreet.com (San Francisco) - In a choppy market, the Cable was rejected at 1.6060 and launched to intra-day low at 1.5990 where the pair found support and bounced toward 1.6030 levels. Currently the GBP/USD is trading at 1.6025, 0.11% negative on the day.

"In the 4 hours the neutral stance since over the past few sessions is gaining bearish track as RSI moves below 50 and price stands below 20 SMA," comments Valeria Bednarik, FXstreet.com Chief Analyst. "The roof of the daily descendant channel is today around 1.6080, and gains above this last seem unlikely in the case Pound recovers the lost ground."

Support levels: 1.6020 1.5990 1.5950
Resistance levels: 1.6050 1.6080 1.6110

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