GBPUSD Settling into a Sideways Range

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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.

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.

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