GBPUSD to head higher towards important resistance zone at 1.2250/1.2300 – SocGen

GBPUSD has gone into a consolidation phase near 1.1900. Economists at  Société Générale expect the pair to see further gains towards the 1.2250/1.2300 resistance area.

Defending 1.1640/1.1600 could result in continuation of the up move

“Daily MACD has entered positive territory pointing towards prevalence of upward momentum in short-term.” 

“Defending 1.1640/1.1600, the 23.6% retracement of recent rebound could result in continuation of the move.” 

“The pair is likely to head higher towards projections near 1.2070. The 200-DMA and August high at 1.2250/1.2300 is expected to be an important resistance zone.”