- Analytics
- News and Tools
- Market News
- GBP/USD: Resistance at 1.2639/51 to cap on a closing basis ahead of further weakness – Credit Suisse
GBP/USD: Resistance at 1.2639/51 to cap on a closing basis ahead of further weakness – Credit Suisse
GBP/USD has tested key resistance at 1.2633/51. Analysts at Credit Suisse now look for a turn back lower from here.
Close above 1.2633/51 to trigger a deeper correction
“GBP/USD is still stalling around key resistance at the May high and 23.6% retracement of the entire fall from 2021 at 1.2633/51. Given both our bullish USD and bearish GBP view, we have a high level of conviction that the market will fail here and see an eventual resumption of the core downtrend.”
“Support is seen at 1.2482/39 initially, below which would confirm a small intraday top to turn the short-term risks back lower, with next support at 1.2338/29. Below here open up next support at 1.2218 and more importantly at 1.2167/57.”
“A close above 1.2633/59 would in contrast trigger an even deeper correction, with next resistance at the 38.2% retracement of the 2022 at 1.2766, then the crucial 55-day average at 1.2805, where we would have greater confidence in a ceiling if reached for a resumption of the broader downtrend.”
© 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
