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- GBP/USD must overcome 1.30 to enjoy further gains – SocGen
GBP/USD must overcome 1.30 to enjoy further gains – SocGen
Cable steady around 1.2850. Economists at Société Générale analyze GBP/USD technical outlook.
Important support situated at 1.2670/1.2600
GBP/USD tested the upper band of a multi-month channel near 1.31/1.3180 resulting in a phase of pullback. It has formed a series of lower peaks and troughs in daily time chart. This points towards potential downside in short-term however lower limit of the channel at 1.2670/1.2600 which is also recent pivot low is crucial support. Only if this gets violated would there be risk of a larger downtrend.
Test of 1.2670/1.2600 could result in a bounce. Last week's high of 1.3000 must be overcome for affirming continuation in up-move.
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