GBP/USD could accelerate the slide towards 1.10 – SocGen

GBP/USD has traded at its weakest level since 1985 but pares intraday recovery gains. Still, analysts at Société Générale expect the pair to head lower towards 1.10.

Short-term resistance aligns at 1.1410 

“GBP/USD recently broke the lows of 2020 denoting persistence in downtrend. That low of 1.1410 is expected to be a short-term resistance.” 

“The pair is expected to head lower towards next potential supports at projections of 1.1210/1.1160 and 1.1000 representing the descending trend line connecting lows of 2016 and 2020.”