GBP/USD to inch higher toward 1.2610 and perhaps even 1.2750 – SocGen

Cable consolidates after trading above 1.25 for the first time since June last year. Economists at Société Générale expect the GBP/USD pair to extend its advance toward 1.2610 and perhaps even toward 1.2750.

EUR/GBP’s downside limited

“The pair is expected to inch higher towards 1.2610 and perhaps even towards 1.2750, the 61.8% retracement of 2021/2022 downtrend. 

“The low formed earlier this week at 1.2270/1.2210 should now be a crucial support zone.”

“EUR/GBP is experiencing a gradual decline after facing resistance near 0.8980 earlier this year. A large downside is not envisaged; 200-DMA at 0.8700/0.8650 is crucial support zone.”