GBP/USD: 1.2170/1.2100 is next potential support zone – SocGen

Market news

26 September 2023

GBP/USD: 1.2170/1.2100 is next potential support zone – SocGen

The Pound continues to struggle as September draws to a close. Economists at Société Générale analyze GBP outlook.

Heading towards 1.2170/1.2100

GBP/USD confirmed a Head and Shoulders and subsequently gave up the 200-DMA resulting in steady decline.

Daily MACD is now within deep negative territory denoting a stretched move however signals of reversal are not yet visible.

The pair is expected to drift towards target of the formation near 1.2170/1.2100. Achievement of these objectives could result in a bounce. However, reclaiming the 200-DMA near 1.2430 would be essential to affirm a meaningful uptrend. Holding below this MA, the phase of downtrend is likely to persist.

USD/THB faces some side-line trading near term – UOB

AUD/USD Price Analysis: Finds interim support near 0.6400 as US Dollar corrects

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.