GBP/USD: Targeting The 76.4% Fibo Of Recent Down Move –

Cable got a boost from hawkish comments but not all fundamentals point high.

The team at SocGen focuses on the charts and  examines the next moves:

Here is their view, courtesy of eFXnews:

GBP/USD has defended support at 1.5350/1.53 which happens to be the lower limit of an upward channel since May before rebounding higher, notes SocGen.

“Daily RSI too has rebounded from a multi month trend which gives credence to this support level. The pair has now given a break above a descending trend resistance which capped the recoveries since last month,” SocGen adds.

“GBP/USD now appears to inch higher towards 1.57/1.5790, the 76.4% retracement of the recent down move. 1.5950 decides about next leg of uptrend,” SocGen projects.

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