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- GBP/USD: Potential for a classic bull 'wedge' to reemerge on move above 1.3013 - Credit Suisse
GBP/USD: Potential for a classic bull 'wedge' to reemerge on move above 1.3013 - Credit Suisse
Credit Suisse discusses GBP/USD technical outlook and flags a scope for a classic bull “wedge” continuation pattern.
"A clear and sustained break above 1.2976/85 would therefore further reinforce the up move, with the next resistance then seen at the 1.3013 high, above which would trigger the pattern. Next resistance would then be seen at 1.3077 initially – the 78.6% retracement of the 2019 downtrend. Major long term resistances from the 200-week average, which capped the market in both 2015 and 2018, as well as the potential long term downtrend from 2014 are seen at 1.3117 and 1.3187/88 respectively, which are likely to prove very tough barriers to clear. Only below 1.2889 though would negate the potential for a bull “wedge” to turn our focus back lower within the range," CS adds.
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