GBP/USD to inch higher gradually towards 1.2610/1.2670 – SocGen

GBP/USD recently gave a break above the sideways consolidation during December and March affirming extension in bounce. Gradual up move should persist, in the view of economists at Société Générale. 

Next hurdle at 1.2610/1.2670

“Cable is gradually inching towards the down sloping trend line drawn since 2021 near 1.2610/1.2670. This could be an interim resistance zone. If the up move falters near this hurdle, a short-term pullback is likely.”

“The 50-Day Moving Average at 1.2270 is a crucial support. Break could result in a deeper down move.”