Next objectives can be located at projections of 1.2220 and 1.2135 – Société Générale

GBP/USD has extended its phase of correction after break below November lows (1.2480), Société Générale’s FX analysts note.

GBP/USD extends its correction below 1.2480

“Daily MACD is at a higher level than the trough achieved in November however signals of a meaningful rebound are not yet visible. Next potential objectives could be located at projections of 1.2220 and 1.2135.”

“Upper limit of a steep descending channel near 1.2420/1.2480 is an important resistance zone in case a short-term bounce develops.”