Market news
12.03.2021, 10:40

GBP/USD to move back to the 1.4237 high on a break above 1.4017 – Credit Suisse

FXStreet reports that Credit Suisse discuss GBP/USD prospects. 

“GBP/USD has extended its defence of price support at 1.3776 also now essentially the rising 55-day average and a sharp rally has been seen as expected for a retest of the 1.4017 recent reaction higher. Although a fresh pullback from here should be allowed for near-term, we continue to look for a break in due course to suggest a fresh base is in place for a resumption of the core uptrend.”

“We would look for strength back to the 1.4237 current cycle high, then our first core upside target of 1.4302/77, which includes the key highs of 2018 and 50% retracement of the fall from 2014. Whilst we would look for a fresh cap here for now, we look for a break in due course for a move to 1.49/1.51.”

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