GBP/USD is now probing recent pivot high at 1.2270/1.2300. A move beyond here would open up the December peak near 1.2450 and perhaps projections of 1.2610, analysts at Société Générale report. 

Defending last week low of 1.2010 crucial for continuation in up move

“Daily MACD has entered positive territory denoting regain of upward momentum.”

“If the pair crosses above 1.2270/1.2300, the bounce could persist towards December peak near 1.2450 and perhaps even towards projections of 1.2610.”

“Defending last week low of 1.2010 would be crucial for continuation in up move.”