GBP/USD holds above 50-DMA – Société Générale

GBP/USD remains in an uptrend, consolidating near key resistance at 1.3430, with potential for further gains if this level is breached, Société Générale's FX analysts note.

Uptrend pauses within bullish flag

"GBP/USD up move has stalled after reaching last year high of 1.3430. It has evolved within a flag; this pattern denotes a brief pause within uptrend. The pair has maintained above the 50-DMA (1.3130), which highlights prevalence of upward momentum."

"The MA and recent pivot low near 1.3130 is a short-term support. The pair is inching higher towards 1.3430. Cross above this can lead to an extension in uptrend towards projections of 1.3510 and 1.3620."