GBP/USD: Two-way trades in 1.1060-1.1360 range for now – OCBC

The GBP/USD pair drops to over a one-week low on Friday. In the near-term, two-way trade is likely, in the opinion of economists at OCBC Bank.

Two-way trades

“Bullish momentum on the daily chart shows tentative signs of waning while RSI fell. Risks are skewed to the downside.”

“Support at 1.1130 (21-Day Moving Average), 1.1060 levels. Resistance at 1.1360, 1.1420 (50 DMA).”

“We look for two-way trades in the 1.1060-1.1360 range for now.”

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