Forex: GBP/USD flat below 1.6050, favors the upside'  V.Bednairk

FXstreet.com (Barcelona) - GBPUSD is again trading in a typically tight range during the Asian session, today consolidating below the 1.6050 mark following a 0.2% advance overnight.

As Valeria Bednarik, Chief Analyst at FXstreet.com observes, GBPUSD is near "the roof of the daily descendant channel, yet ranging, which means a break of the roof will hardly be meaningful unless price extends clearly beyond recent highs." Looking at the 4-hour chart, Ms. Bednarik says that the cross is again "favoring the upside" as it trades above the 20 SMA.

A break of the 1.6050 level is needed to see a clear path toward 1.6100; the analyst identifies more immediate resistance at 1.6080, then beyond the figure, at 1.6110. Should sellers prevail in the sessions ahead, support levels may be found at 1.6020, 1.5990 and 1.5950.