Forex: GBP/USD limited below 1.6050

FXstreet.com (Barcelona) - Cable is at fresh session lows 1.6022, slightly below previous weekly close Friday, less than 10 pips above current price, and off recent session highs at 1.6040, below Friday highs at 1.6050. According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "the hourly chart shows indicators turning lower in overbought territory, as price consolidates and 20 SMA continues to head strongly north," the analyst says.

"In the 4 hours chart technical readings are also coming back from extreme levels, although price approaches the roof of the daily descendant channel, today around 1.6080, and probable target for current movement if dollar continues easing today," adds Valeria, suggesting: "A daily close above mentioned level, should point for and advance towards 1.6200 before the movement begins to fade."

The analyst finds support levels at: 1.6000, 1.5960 and 1.5920, while resistance levels at: 1.6050 1.6080 and 1.6120.