GBP/USD: scope for a drop to 1.3570/10 – SocGen

Market news

20 July 2021

GBP/USD: scope for a drop to 1.3570/10 – SocGen

FXStreet reports that analysts at Societe Generale discuss GBP/USD prospects.

“GBP/USD struggled to reclaim 1.4240 in June forming a double top. A steady decline has brought it towards the 200-DMA and more importantly, it is now threatening a breakdown from the formation. Signals of an extended bounce are still not visible.”

“So long as last week's high at 1.3910 remains unchallenged, the downward momentum could persist.”

“Next objectives will be at projections of 1.3570 and graphical levels of 1.3510. Target for the double top is located at 1.3150/1.3130.”

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