Societe Generale for GBP/USD: Targeting 61.8% Fibo level at 1.5700

Societe Generale evaluated the daily GBP/USD charts and estimated the bullish breakout for this pair with 61.8% Fibo level as a target at 1.5700:

• "GBP/USD now appears to inch higher towards 1.57/1.5790. 1.5950 decides about next leg of uptrend."
  

According to Societe Generale - the support level for this possible breakout will be Fibo support level at 1.5350:

• "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."
• "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."

We can see those levels on ouir daily chart:

• 61.8% Fibo level as a target at 1.5700 and
  
• Fibo support level as stop loss at 1.5350