GBP/USD: Failure to defend 1.2600/1.2570 could mean risk of a deeper drop – SocGen

GBP/USD: Failure to defend 1.2600/1.2570 could mean risk of a deeper drop – SocGen GBPUSD Technical Analysis Banks

GBP/USD has embarked on a phase of pullback after facing stiff resistance near the upper limit of a multi-month channel near 1.3180. It is now challenging the lower band of this channel and is close to late June low of 1.2600/1.2570 which is a crucial support.

Failure to defend 1.2600/1.2570 could mean risk of a deeper drop; next potential supports could be at 1.2480 and 200-DMA at 1.2300.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.

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