GBP/USD is sliding towards 1.18 after erasing 1.1906 (200-Day Moving Average). The pair is at risk of a deeper down move, analysts Société Générale report. 

Failure to reclaim 1.2065 could mean persistence in decline

“GBP/USD formed a double top after struggling to reclaim December high near 1.2450. This has resulted in a steady pullback leading the pair below the 200-DMA. It is now challenging the neckline of the formation denoting risk of a deeper down move.” 

“Failure to reclaim recent pivot high at 1.2065 could mean persistence in decline towards 1.1770 and projections of 1.1640/1.1610. Target for the pattern is near 1.1230/1.1150.”