GBP/USD touched its highest level since early June near 1.2450 on Wednesday but lost its traction. Economists at Société Générale highlight next resistance levels for the pair.

200DMA at 1.2100/1.2050 is an important support

“Daily MACD has turned flattish highlighting receding upward momentum however a meaningful pullback remains elusive.”

“The 200DMA at 1.2100/1.2050 is an important support; in case this gets violated there could be a risk of a short-term down move.” 

“Beyond 1.2450, next potential hurdles are located at the upper limit of a multi month channel at 1.2610 and 1.2750.”