GBP/USD: Formation of Key Reversal Confirms 1.48 as Important Hurdle - SocGen
GBP/USD: Formation of Key Reversal Confirms 1.48 as Important Hurdle - SocGen
Research Team at Societe Generale, notes that the GBP/USD witnessed a
strong sell-off earlier this year and approached towards the key support
levels of 1.36/1.35.
Key Quotes
“Since
then, it has developed a corrective recovery which has been encompassed
within an upward channel visible on hourly charts. Yesterday it achieved
the upper limit of this channel at 1.48 and has completed a projection
for the c wave of the pullback.
It has also completed the 50%
retracement of down move since last August. Formation of key reversal
confirms 1.48 as important hurdle and possibility of a retracement
towards the lower limit of the channel at 1.4190. 1.45/1.4480 will be an
immediate support; a break below will confirm a deeper correction.”
