GBP/USD has traded at its weakest level since 1985 but pares intraday recovery gains. Still, analysts at Société Générale expect the pair to head lower towards 1.10.
Short-term resistance aligns at 1.1410
“GBP/USD recently broke the lows of 2020 denoting persistence in downtrend. That low of 1.1410 is expected to be a short-term resistance.”
“The pair is expected to head lower towards next potential supports at projections of 1.1210/1.1160 and 1.1000 representing the descending trend line connecting lows of 2016 and 2020.”
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