GBP/USD to revisit the 2020 low near 1.1410 on a drop under 1.1740 – SocGen
|GBP/USD is gradually approaching potential support at 1.1840/1.1740. A break below this region would clear the way towards the low carved out in 2020 near 1.1410, strategists at Société Générale report.
Recent pivot high of 1.2670 must be overcome to affirm an extended rebound
“The pair is drifting gradually towards potential support of 1.1840/1.1740, representing the lows of 2016 and projections. Defending this zone could result in a short-term bounce.”
“The recent pivot high of 1.2670 is an important resistance. This must be overcome to affirm an extended rebound towards 1.2810, the 38.2% retracement from June 2021 and December low of 1.3100/1.3160.”
“In the event that the ongoing decline persists below 1.1740, the pair could revisit the low carved out in 2020 near 1.1410.”
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.