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 USD/JPY pair trades 0.27% higher to near 153.70 during the European trading session on Wednesday.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face downside risk as bears regain control Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Gold price (XAU/USD) attracts some sellers to around $4,860 during the early Asian trading hours on Wednesday. The precious metal falls amid thin holiday trading, with much of Asia closed for the Lunar New Year.
EUR/USD Forecast: Euro weakens as risk mood soursEUR/USD struggles to find a foothold and trades at a fresh weekly low below 1.1850 after closing in negative territory on Monday. In the absence of high-impact data releases, the risk-averse market atmosphere could make it difficult for the pair to stage a rebound.
EUR/USD struggles to find a foothold and trades at a fresh weekly low below 1.1850 after closing in negative territory on Monday. In the absence of high-impact data releases, the risk-averse market atmosphere could make it difficult for the pair to stage a rebound.
Gold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
Related Instrument
