GBP/USD: A break of 200-DMA at 1.2435 could hasten a return over 1.25 – SocGen

Market news

6 November 2023

GBP/USD: A break of 200-DMA at 1.2435 could hasten a return over 1.25 – SocGen

GBP/USD is on the cusp of return above the 200-Day Moving Average (DMA) of 1.2435. Economists at Société Générale analyze the pair’s outlook.

Consolidation and possible profit taking not ruled out

Short covering on Friday and the bounce over 1.23 will have reduced bearish bets.

Consolidation and possible profit taking are not ruled out this week if UK GDP disappoints on Friday. However, this may count for little if US yields remain soft and stocks push ahead.

The 200-DMA (1.2435) is now within reach and a break could hasten a return over 1.25.

AUD/USD should benefit significantly if the RBA does raise rates – Commerzbank

Canada Ivey Purchasing Managers Index s.a registered at 53.4, below expectations (54) in October

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