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    GBP/USD: More choppy range trade is likely in the short run – Scotiabank

    Source Fxstreet
    Feb 29, 2024 13:19

    GBP/USD holds neutral 1.2600/1.2700 range. Economists at Scotiabank analyze the pair’s outlook.

    Cable will have to move significantly from current levels to boost directional momentum

    Cable’s sideways range trade over the past few months leaves short, medium and long-term DMI studies all sitting at weak and neutral levels. That suggests spot will have to move significantly from current levels to boost directional momentum.

    More choppy range trade is likely in the short run as the market seeks a stronger sense of direction. 

    Support is 1.2600/1.2615. Resistance is 1.2700/1.2715.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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