- Analytics
- News and Tools
- Market News
- GBP/USD set to turn back lower towards the 1.3189/35 support zone – Credit Suisse
GBP/USD set to turn back lower towards the 1.3189/35 support zone – Credit Suisse
GBP/USD is correcting higher. However, economists at Credit Suisse maintain their core bearish outlook for 1.3277, then 1.3189/35.
Resistance is seen at 1.3556/69
“GBP/USD is recovering, however, the recent break below support from its 1.3411 September low, the fact that the market remains below falling 13-day , 55-day and 200-day moving averages, the existing large top and bearish continuation pattern, as well as the poor momentum, all support our core bearish outlook.”
“Support is seen initially at 1.3402, then 1.3352/50, below which should reassert the downtrend for support next at 1.3277, ahead of what remains our core objective of 1.3189/35.”
“We continue to expect the 1.3189/35 zone to prove a decent floor and we would look for a fresh consolidation phase to emerge here. A direct break though would further reinforce the negative outlook, with support seen next at 1.3106, ahead of 1.3000 and then 1.2855/29.”
“This morning’s test above resistance at 1.3450 suggests we may see a near-term rebound to 1.3510, but with the 21-day exponential average and price resistance at 1.3556/69 now ideally capping.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
