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- GBP/USD to suffer further weakness towards important support at 1.3669/48 - Credit Suisse
GBP/USD to suffer further weakness towards important support at 1.3669/48 - Credit Suisse
FXStreet reports that the Credit Suisse analyst team notes that GBP/USD has broken below its recent low at 1.3786 – which should lead to further weakness within the range. The next support is seen at the more important 1.3369/48 zone, which is a major medium-term inflection point.
“We look for a move to minor support at 1.3717 next and likely the more important April low, 200-day average and 38.2% retracement of the rally from last September at 1.3669/48, where we would look for a more important floor.”
“It’s worth highlighting that a break below 1.3669/48 would complete a major ‘double top’, however this is viewed as a risk scenario for now.”
“Short-term resistance moves to 1.3873/86, which now ideally caps to maintain the short-term downward pressure.”
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