GBP/USD has to establish itself beyond 1.2450/1.2500 to affirm next leg of uptrend – SocGen GBPUSD Banks
GBP/USD is at a crossroads after having returned to 1.24. Cross above 1.2450 can lead to an extended up-move, economists at Société Générale report.“The 1.24 area proved too lofty in December and profit-taking ensued. Will this time be different? The main downside risks stem from a rebound in US bond yields and broader“Daily MACD is in positive territory, however, it is at a lower level as compared to the previous one denoting receding upside momentum.
“The pair has to establish itself beyond 1.2450/1.2500 to affirm next leg of uptrend. If this break materializes, the up move could extend towards 1.2600 and 1.2750, the 61.8% retracement from 2021.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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