#GBPUSD @ 1.10744 could reach parity on failure to hold recent higher trough at 1.0550/1.0520 – SocGen
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Economists at Société Générale expect GBP/USD to resume the downtrend. A break under 1.0550/1.0520 would clear the way towards 1.0350 and perhaps even parity.
“The lower end of the range since 2016 at 1.1760/1.1840 is expected to be an important resistance zone near term. Holding below this hurdle, the downtrend could persist.”
“Failure to hold recent higher trough at 1.0550/1.0520 can lead to next leg of downtrend towards 1.0350 and perhaps even towards projections at 1.0140/1.0000.”
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