GBP/USD: Move towards the triangle support near 1.2155/1.21 looks likely - SocGen

GBP/USD tested the intermittent projection at 1.1752/1.1660 last October, and it has evolved within a triangle since notes research team at Societe Generale.

Key Quotes

“The ongoing phase of consolidation is similar to the temporary pauses seen during last February-May and July-September. Recently, the pair rebounded towards the upper bound of the triangle (currently at 1.2610) and has started to retrace. A move towards the triangle support near 1.2155/1.21 looks likely, with the next support at 1.20/1.1918. The weekly channel at 1.2680/1.2780 remains a prominent hurdle.”