GBP/USD: Next resistance near 1.2610 – SocGen

Market news

21 November 2023

GBP/USD: Next resistance near 1.2610 – SocGen

GBP/USD is gradually inching towards 1.2610. Economists at Société Générale analyze the pair’s outlook.

October high near 1.2330 should provide support

GBP/USD met target for Head and Shoulders and formed low near 1.2035. It carved a higher trough near 1.2180 recently and is attempting a break above the 200-DMA.

Daily MACD has a rising slope and has stabilized within positive territory denoting prevalence of upward momentum. The pair is expected to head higher gradually towards neckline of the pattern at 1.2610 and 1.2720.

October high near 1.2330 should provide support near term.

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