GBP/USD: Defense of the 1.2810/1.2780 is crucial for persistence in up move – Societe Generale

GBP/USD recently approached last November high of 1.3045, which is an interim hurdle, Societe Generale’s FX analysts report.

MACD dips below its trigger line

“A brief pullback has materialized. Daily MACD has dipped below its trigger line highlighting receding upward momentum. This is not a reversal signal but denotes possibility of a pause. The 200-DMA at 1.2810/1.2780 is a short-term support. Defense of this zone is crucial for persistence in up move.”