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GBP/USD stalls near key channel resistance - Société Générale
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GBP/USD stalls near key channel resistance - Société Générale
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2025.05.08 19:00
2025.05.08 19:00
2025.05.08 19:00
The GBP/USD rally is showing signs of fatigue near major resistance at 1.3430-1.3500, with momentum fading and key support at 1.3230 now under close watch, Société Générale's FX analysts note.
Momentum fades as MACD turns lower
"GBP/USD up move has stalled at the peak of last year and the upper limit of an ascending channel drawn since 2023 near 1.3430/1.3500. Daily MACD has dipped below its trigger line highlighting receding upward momentum. A brief pause is taking shape after this test."
"Recent pivot low of 1.3230 is likely to be an important support. If this is breached, GBP/USD could embark on a deeper down move towards March high at 1.3070/1.3010. Overcoming 1.3500 would be crucial to confirm a larger uptrend."
Last updated
: 2025.05.08
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2025.05.08 20:42Disclaimer:
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