GBP/USD pullback deepens after rejection at key resistance zone – Société Générale

GBP/USD is retreating after rejection near 1.3500, with bearish momentum reinforced by MACD crossover and a breach of short-term consolidation support. Next supports lie near 1.3070 and 1.3010, Société Générale's FX analysts note.

Focus shifts to 1.3070 and 1.3010 as key support zones

"GBP/USD recently faced strong resistance at last year high of 1.3430/1.3500 resulting in a gradual pullback. It has breached the lower limit of recent brief consolidation denoting receding upward momentum."

"This is also highlighted by the daily MACD, which has dipped below its trigger line. The pair is likely to continue with the phase of pullback in short-term. Next potential supports are located at the 50-DMA (1.3070) and March high of 1.3010/1.2970."