GBP/USD: More choppy range trade is likely in the short run – Scotiabank
Source Fxstreet
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.
Recommended Articles
The US Dollar has opened the week on a moderate bearish tone.
Major currency pairs trade in familiar ranges to start the week as investors gear up for key macroeconomic data releases and central bank meetings.
Crude Oil is posting minor gains on Monday, with price action approaching levels close to $63.00 after bouncing from lows of $61.50 on Friday.
Binance Coin has gained over 6% in the past week, setting a new all-time high.
The EUR/GBP cross attracts some sellers to near 0.8645 during the early European session on Monday.
Related Instrument
