GBP/USD to retest December low near 1.3160/1.3130 on failure to hold 1.3300 – SocGen

GBP/USD suffered heavy losses on Thursday. The 1.3300 level is seen as the next bearish target – removal of which would open up 1.3160/1.3130, economists at Société Générale report.

Test of 1.3300 is likely

“GBP/USD could drift towards next potential support at 1.3300, the 76.4% retracement from December.”

“Failure to hold 1.3300 will mean a retest of December low near 1.3160/1.3130.”