Societe Generale analysts report a bullish outlook for GBP/USD as the pair reclaims its 200-day moving average, with immediate focus on resistance levels near 1.3555 and 1.3600.
Societe Generale notes GBP/USD has rebounded from the lower boundary of its multi-month range and reclaimed its 200-DMA, suggesting scope for further recovery. The bank flags resistance near 1.3555/1.3600 and 1.3660, with first support at the 200-DMA around 1.3420. Reclaiming the 200-DMA supports the pair, but the nearby resistance levels could limit upside.
The bank sees resistance near 1.3555/1.3600 and 1.3660, with first support at the 200-DMA around 1.3420.
Because the pair has rebounded from the lower boundary of its multi-month range and reclaimed its 200-DMA, which the strategists say suggests scope for further recovery.
The British Pound shows renewed strength against the US Dollar after rebounding from the lower boundary of its multi-month trading range. Societe Generale analysts confirm the pair has successfully reclaimed its 200-day moving average, signaling potential for further gains toward the 1.3660 level.
The bank sees resistance near 1.3555/1.3600 and 1.3660, with first support at the 200-DMA around 1.3420.
The pair has rebounded from the lower boundary of its multi-month range and reclaimed its 200-DMA, which strategists indicate suggests scope for further recovery.