GBP/USD to plummet towards key support at 1.33 – SocGen

GBP/USD faces a battle to hang on to 1.3500 after the 1.3% drubbing on Tuesday. Economists at Société Générale note the downward momentum has resumed and expect the cable to plunge to the 1.33 level.

Support 1.3480, resistance 1.3620

“The GBP/USD pair looks poised to head lower towards 1.3480/1.3470 with possibility to extend the down move towards next projections at 1.3300.”

“First hurdle is at 1.3620; reclaiming short-term moving averages near 1.3750 would be essential to denote a meaningful rebound.”