GBP/USD: Breaks out from a multi-month ascending triangle – Societe Generale

FXStreet Insights Team FXStreet

GBP/USD recently broke out from a multi-month ascending triangle. The pair looks poised to inch higher towards next projections at 1.3015 and last year peak of 1.3140/1.3155, Societe Generale FX strategists note.

Cable upward momentum stalls ahead of 1.30

“GBP/USD recently broke out from a multi-month ascending triangle and has crossed above the upper end of the range since March, this points towards potential upside. Daily MACD has entered positive territory denoting regain of upward momentum.”

“The pair looks poised to inch higher towards next projections at 1.3015 and last year peak of 1.3140/1.3155. June high of 1.2860 should be a near term support.”

“GBP/USD: 1.2958 - 1.2984 overnight range. Cable upward momentum stalls ahead of 1.30. Option strike at 1.2970 (£380m). Support 1.2900, resistance 1.3015. CPI, wages in focus this week for BoE. EUR/GBP sub 0.8400, strikes 0.8400 (€585m), 0.8445-60 (€2.1bn).”

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FXStreet Insights Team

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