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    GBP/USD: Break above 1.2820 essential for further up move – SocGen

    Source Fxstreet
    Jan 30, 2024 12:28

    GBP/USD rangebound. Economists at Société Générale analyze the pair’s outlook.

    Break of 1.2820 would confirm return of upward momentum

    GBP/USD has undergone a sideways consolidation after reaching 1.2820 late last year. 

    Interestingly, Cable is evolving within a Cup and Handle formation. The pattern points towards potential upside however a break above recent peak at 1.2820 is essential for confirmation. Once this breakout materializes, the pair could inch higher towards the high achieved last year near 1.3140.  

    The 200-DMA at 1.2550/1.2500 is key support near term.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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