GBP/USD: Formation of Key Reversal Confirms 1.48 as Important Hurdle - SocGen

GBP/USD: Formation of Key Reversal Confirms 1.48 as Important Hurdle - SocGen

4 May 2016, 14:29
Roberto Jacobs
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GBP/USD: Formation of Key Reversal Confirms 1.48 as Important Hurdle - SocGen

Research Team at Societe Generale, notes that the GBP/USD witnessed a strong sell-off earlier this year and approached towards the key support levels of 1.36/1.35.

Key Quotes

“Since then, it has developed a corrective recovery which has been encompassed within an upward channel visible on hourly charts. Yesterday it achieved the upper limit of this channel at 1.48 and has completed a projection for the c wave of the pullback.

It has also completed the 50% retracement of down move since last August. Formation of key reversal confirms 1.48 as important hurdle and possibility of a retracement towards the lower limit of the channel at 1.4190. 1.45/1.4480 will be an immediate support; a break below will confirm a deeper correction.”


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