GBP/USD: Next catalyst likely to still come from USD side of the equation, focus on NFP – OCBC

GBP/USD broke out of its descending triangle and traded at a low of 1.1804 low yesterday. The pair has since stabilised. Economists at OCBC Bank analyze Cable’s outlook.

Support at 1.18, resistance at 1.19

“Next catalyst is likely to still come from the USD side of the equation and that puts focus on US NFP data tomorrow.”

“Daily momentum shows signs of turning mild bearish while the decline in RSI moderated near oversold conditions.”

“Support at 1.18, 1.1720 levels.”

“Resistance at 1.19 (200-Day Moving Average), 1.1950 levels.”