While rains continue Friday afternoon, the latest indications from the National Oceanic and Atmospheric Administration show that flood waters are slowly receding on both the Pamlico and Pungo rivers. On the Pamlico, flood levels dropped below its peak level of 8.55 feet to just over 7 feet as of 1:45 p.m. On the Pungo,the levels dropped from the peak of 6.67 feet to close to 5.5 feet as of 1:45 p.m.