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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