#GBPUSD @ 1.11165 : Two-way trades in 1.1060-1.1360 range for now – OCBC
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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.
“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.”
See: There are too many reasons pointing towards weaker sterling – Commerzbank
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