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- GBP/USD must overcome 1.2775/1.2820 to confirm next leg of uptrend – SocGen
GBP/USD must overcome 1.2775/1.2820 to confirm next leg of uptrend – SocGen
GBP/USD is unfolding a sideways consolidation. Economists at Société Générale analyze the pair’s technical outlook.
1.2775/1.2820 topside hurdle for bulls
GBP/USD is evolving within crisscross moves around the 50-DMA denoting lack of clear direction. Recent decline has remained contained near December low of 1.2500. Break below this would be essential for confirmation of deeper downtrend.
Currently, a rebound is under way; upper limit of recent consolidation near 1.2775/1.2820 is crucial hurdle. Once a break above this materializes, the uptrend is likely to extend towards next potential objective at 1.3010 and last year’s high of 1.3140.
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