GBP/USD: Up move could extend towards 1.2750 on a break past 1.2450 – SocGen

GBP/USD has risen close to the 1.2450 mark. A break above here is needed to avoid  a phase of pullback, economists at Société Générale report. 

Watch out for next hurdle at 1.2450

“1.2450 is the lower end of the multi-year range from which the pair broke down earlier this year and it is expected to be an intermittent resistance zone. A test and failure to cross above this hurdle could result in a phase of pullback. The October high of 1.1500, which is also the 50DMA, is expected to be first layer of support in case a decline develops.”

“If the pair establishes itself beyond 1.2450, the up move could extend towards 1.2750, the 61.8% retracement from February 2021 and 1.3250/1.3300.”