GBP/USD has embarked on an extended up move after defending the multi-month ascending support line near the 1.2300 level. Economists at Société Générale analyze the pair’s technical outlook.

Next objective seen at 1.3000

The GBP/USD pair is expected to head higher gradually towards projections of 1.3000 and 1.3100/1.3180. 

High of May near 1.2670 is a short-term support. Only if this gets violated would there be risk of a short-term pullback