This sterling chart and remarks from Société Générale
- GBP/USD tested support near 1.1752/1.1660 last year, and subsequently saw a recovery phase. The pair has been evolving within a mild up sloping channel (1.2360/1.2245 - 1.3040/1.3135).
- However, symptoms of a large rebound are still lacking.
- Recently, it achieved an initial projection at 1.3040/1.3135 but the pullback petered out after the formation of ahead-and-shoulders pattern. The pattern has been confirmed denoting a decline towards its potential at 1.25 first, and perhaps even towards the weekly channel at 1.2360/1.2245
