#GBPUSD @ 1.20618 to suffer a susbtantial drop on a break below 1.1840 – SocGen
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GBP/USD has formed a potential double top after failing to cross 1.2450. Economists at Société Générale expect to see a down move towards 1.1840, with a break below here opening up more losses.
“GBP/USD has failed to reclaim December peak of 1.2450 on second attempt forming a double top. Daily MACD has started posting negative divergence denoting receding upward momentum.”
“A short-term pullback is not ruled out; neckline of the formation at 1.1840 is crucial support. Break can lead to an extended down move towards 1.1640 and target of the pattern at 1.1250.”
“Short-term price action could remain range-bound. A move beyond 1.2450 would be essential to affirm next leg of uptrend.”
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