GBPUSD: Short-term up move could reach 1.2070 – SocGen

GBPUSD swings above the 1.17 level. The pair could extend its race higher on a break past the 1.1760/1.1840 area, economists at Société Général report.

Near-term support aligns at 1.1330

“GBPUSD has crossed above the trend line since February denoting short-term upside.”

“The pair could revisit July and 2016 low of 1.1760/1.1840 and projections of 1.2070.”

“The 50-Day Moving Average near 1.1330 is near-term support.”

See – GBPUSD: At risk of rather fast corrections as domestic picture for Sterling remains uncertain at best – ING