GBP/USD. Sideways trade still likely, range of 1.1950-1.2180 – OCBC

The British Pound has started the week on a softer footing. Economists at OCBC Bank expect the GBP/USD pair to trade within a range of 1.1950-1.2180 for the time being.

Sideways trade likely

“Support here at 1.1950 (200-Day Moving Average, 23.6% fibo retracement of 2022 low to high), 1.1850 (100-DMA).”

“Resistance at 1.2190 (50-DMA), 1.2260 (21-DMA) and 1.2450 levels (double top).” 

“Sideways trade still likely. Range of 1.1950-1.2180 within a wider range of 1.1850-1.2250.”

See: EUR/USD to rise to 1.10 by Q2 – Deutsche Bank