EUR/USD and GBP/USD: SG gives next targets to aim for in the context of a rebound of the pairs

In a note published today, Societe Generale bank questions the next targets to aim for in the context of the rebound of the EUR/USD and GBP/USD pairs:

"On the EUR/USD, the movement above 1.1536 implies a continuation of the bounce to 1.1810/75 (high edge of weekly channel and 38.2% correction from last year's peaks).

As for the GBP/USD, the break above 1.57 indicates a retest of 1.5950, with July's lows of 1.5350 and 1.53 that now act as major support levels that mark the border between an upward and downward trend."