GBP/USD: Move beyond 1.2450 essential for affirming a larger uptrend – SocGen

In the view of analysts at Société Générale, a rally beyond 1.2450 is crucial to affirm uptrend on GBP/USD.

Support aligns at 1.1900

“Recent peak at 1.2450 is expected to be an intermittent resistance. Failure to cross above this hurdle can result in a phase of pullback.”

“Recent pivot low of 1.1900 is near term support. Break can lead to a deeper pullback towards October high of 1.1640.”

“A move beyond 1.2450 would be essential for affirming a larger uptrend. In case this crossover materializes, the up move could persist towards 1.2750, the 61.8% retracement from February 2021 and 1.3250/1.3300.”