GBP/USD: Break above 1.2820 essential for further up move – SocGen
Source Fxstreet
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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Gold trades at $4,174 after rebounding from Wednesday's $4,090 two-month low, the Nasdaq fell 1.25% while the Dow edged higher, and the 10-year Treasury eased to 5.23% from the week's highs. Hurricane Isaias keeps about 25% of Gulf output shut in with WTI near $91, and bitcoin holds below $82,000. The next scheduled tests are the EIA report on 15 October and the FOMC on 27-28 October.
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