FXStreet reports that the Credit Suisse analyst team suggests that GBP/USD maintains a bearish “reversal day” to keep the risk lower in its range with support seen at 1.3706 initially, then 1.3641.
“Support moves to 1.3733/25 initially below which should see a fall back to 1.3706 next, ahead of the 1.3670 March low and then 1.3641 – the 38.2% retracement of the September/February rally – which we would look to hold at first. A break though can clear the way for further weakness to 1.3567, with better support seen starting at the December high at 1.3514 and stretching down to 1.3458/52 – the ‘neckline’ to the long-term base, 50% retracement of the rally from September and YTD low at 1.3458/52, where we would look for signs of a better floor.”
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