Cable got a boost from hawkish comments but not all fundamentals point high.
The team at SocGen focuses on the charts and examines the next moves:
Here is their view, courtesy of eFXnews:
GBP/USD has defended support at 1.5350/1.53 which happens to be the lower limit of an upward channel since May before rebounding higher, notes SocGen.
“Daily RSI too has rebounded from a multi month trend which gives credence to this support level. The pair has now given a break above a descending trend resistance which capped the recoveries since last month,†SocGen adds.
“GBP/USD now appears to inch higher towards 1.57/1.5790, the 76.4% retracement of the recent down move. 1.5950 decides about next leg of uptrend,†SocGen projects.
For lots more FX trades from major banks, sign up to eFXplus
By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.
