GBPUSD to head higher towards 1.2070 – SocGen

GBPUSD climbs back above mid-1.18s. Economists at Société Générale expect the pair to see additional gains.

Further up move expected

“The GBPUSD pair has overcome the trend line since February denoting short-term upside.”

“Cable is expected to head higher towards projections near 1.2070.” 

“The 50-Day Moving Average near 1.1330 is near term support. In case the pair violates this MA, there could be a risk of a deeper pullback.”

See: Relatively narrow range-trading for GBP on the crosses ahead of the fiscal update – Scotiabank