Forex News

SocGen forecasts GBP/USD to rise to 1.2750 amid positive consolidation

Published by
Nonhlanhla P Dube
  • The GBP/USD pair has consolidated after trading above 1.25 for the first time since June last year.
  • Société Générale economists expect the GBP/USD pair to continue its advance towards 1.2610 and possibly even reach 1.2750, which is the 61.8% retracement of the 2021/2022 downtrend.
  • The EUR/GBP pair is expected to experience a gradual decline after facing resistance near 0.8980 earlier this year, with 200-DMA at 0.8700/0.8650 serving as a crucial support zone.

Cable, which refers to the GBP/USD currency pair, has recently consolidated after trading above 1.25 for the first time since June of last year. Experts at Société Générale, a global investment bank, are forecasting that the GBP/USD pair will continue to extend its advance, with expectations for it to move towards 1.2610 and possibly even 1.2750.

According to the analysts at Société Générale, the pair is expected to steadily inch higher, possibly reaching 1.2610 and even going as far as 1.2750, which is the 61.8% retracement of the downtrend between 2021 and 2022. Additionally, the recent low formed at 1.2270/1.2210 is now considered a crucial support zone.

In regard to the EUR/GBP currency pair, Société Générale predicts a limited downside. The pair has experienced a gradual decline after facing resistance near 0.8980 earlier this year. However, there is no expectation for a large downside, and the 200-day moving average (DMA) at 0.8700/0.8650 is considered a crucial support zone.

Overall, it seems that the GBP/USD pair is poised for further growth, with experts at Société Générale forecasting a continued upward trend. As always, investors should stay vigilant and keep an eye on any potential market developments that could impact currency fluctuations.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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