GBP/USD: Break above 1.2820 essential for further up move – SocGen

Market news

30 January 2024

GBP/USD: Break above 1.2820 essential for further up move – SocGen

GBP/USD rangebound. Economists at Société Générale analyze the pair’s outlook.

Break of 1.2820 would confirm return of upward momentum

GBP/USD has undergone a sideways consolidation after reaching 1.2820 late last year.

Interestingly, Cable is evolving within a Cup and Handle formation. The pattern points towards potential upside however a break above recent peak at 1.2820 is essential for confirmation. Once this breakout materializes, the pair could inch higher towards the high achieved last year near 1.3140.

The 200-DMA at 1.2550/1.2500 is key support near term.

US Dollar drops ball and sees Monday gains being erased

EUR/USD consolidates around 1.0840 after subdued Eurozone growth data

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