GBP/USD: Ongoing move could persist towards projections near 1.2070 – SocGen

The Pound outperformed G10/USD last week. Economists at Société Générale note that the GBP/USD pair could extend its race higher towards 1.2070.

EUR/GBP may have room to run towards next support around 0.8620

“GBP/USD has affirmed a short-term bounce after cross crossed above the trend line since February. The ongoing move could persist towards projections near 1.2070.”

“The 200-Day Moving Average at 1.2250/1.2300 is a crucial resistance zone.” 

“Lower daily lows suggest EUR/GBP may have room to run towards next support around 0.8620 (GBP/EUR 1.16).”