GBPUSD Settling Into A Sideways Range

March 23, 2020

By Orbex

The pound sterling gave back some of the gains from last Thursday as a result of the BoE rate cut.

Price action is lower again, but a bottom looks to be in place at 1.1497.

With the resistance level at 1.2000, we expect the GBPUSD to consolidate with these levels for now.

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The pound managed to rise over 1.52% into Friday’s close, but the hidden bearish divergence suggests downside for now. This indicates that the floor at 1.1497 will be tested once again.

By Orbex