GBP/USD: Up move could extend towards 1.2750 on a break past 1.2450 – SocGen
|GBP/USD has risen close to the 1.2450 mark. A break above here is needed to avoid a phase of pullback, economists at Société Générale report.
Watch out for next hurdle at 1.2450
“1.2450 is the lower end of the multi-year range from which the pair broke down earlier this year and it is expected to be an intermittent resistance zone. A test and failure to cross above this hurdle could result in a phase of pullback. The October high of 1.1500, which is also the 50DMA, is expected to be first layer of support in case a decline develops.”
“If the pair establishes itself beyond 1.2450, the up move could extend towards 1.2750, the 61.8% retracement from February 2021 and 1.3250/1.3300.”
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.