GBP/USD can move towards 1.3150/1.3175 in the short term – Société Générale

GBP/USD crossed above a steep descending channel and evolved within a small base, Société Générale’s FX analysts note. 

Daily MACD is at multi-month highs denoting a stretched move

“It broke out from this range in February leading to a steady up move. Last November peak of 1.3045 is first hurdle. Daily MACD is at multi-month highs denoting a stretched move. If a short-term decline develops, 1.2810/1.2780, the 23.6% retracement from January could be an important support zone. Beyond 1.3045, next projections would be located at 1.3150/1.3175.”