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- GBP/USD: Scope for further weakness yet to 1.3376 – Credit Suisse
GBP/USD: Scope for further weakness yet to 1.3376 – Credit Suisse
GBP/USD has removed with ease support from the 38.2% retracement of the December/January rally at 1.3532/28. Analysts at Credit Suisse see scope for further weakness to the ‘neckline’ to the December base at 1.3376.
Resistance seen at 1.3526
“Cable is testing support from its rising 55-day average at 1.3422, but we see scope for a n overshoot beyond here to the 61.8% retracement at 1.3393, then the ‘neckline’ to the December base at 1.3384/76. We would look for an attempt to hold here. A direct break though would warn of a retest of medium-term support at 1.3189/35.”
“Near-term resistance moves to 1.3470, then 1.3492, with the immediate risk now seen staying lower whilst below 1.3526. A close above here can reassert a choppy range to clear the way for strength back to 1.3556/67 next.”
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