GBP/USD pulls back after inverse head-and-shoulders breakout – Société Générale
|GBP/USD has retreated to its breakout point after surging toward 1.3725, but with momentum gauges still supportive, holding above 1.3470 would keep the broader uptrend intact, Société Générale's FX analysts note.
Pound tests support as uptrend momentum holds
"GBP/USD broke above the neckline of an inverse head and shoulders pattern earlier this week, advancing toward 1.3725 before pulling back to the breakout level. The daily MACD remains in positive territory, indicating sustained upward momentum."
"In the near term, key support lies at the 50-day moving average and last week’s low around 1.3470. Holding above this support could pave the way for a continued uptrend."
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. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.