GBP/USD is showing early signs of recovery, making a higher low at 1.3030 and breaking a descending channel with potential upside towards 1.3300 if support holds, FX analysts at Société Générale note.
GBP/USD breaks the upper boundary of the descending channel
“GBP/USD made a higher low near 1.3030 than it did in the first week of November near 1.3000. It crossed the top of the descending channel that included the recent decline.”
“A short-term upside move towards the confluence of the 50-DMA and 200-DMA near 1.3300 cannot be ruled out. If the pair clears this hurdle, more upside is possible. The defense of 1.3030 will be crucial for persistence on the rebound.”
