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- GBP/USD: Scope for a move to 1.2072/17 and below – Credit Suisse
GBP/USD: Scope for a move to 1.2072/17 and below – Credit Suisse
GBP/USD has fallen aggressively. Analysts at Credit Suisse stay tactically bearish, with next key supports at 1.2157/50, then 1.2072, which is certainly not viewed as a floor.
Resistance moves to 1.2431/39
“Next key support is seen at the recent lows at 1.2167/57, which we expect to be broken fairly imminently, with short-term daily MACD momentum turning lower from neutral levels. Thereafter, we continue to look for an eventual fall to our 1.2072/17 target zone – the May 2020 low and 78.6% retracement of the entire 2020/2021 uptrend.”
“Given the very strong downtrend, the 1.2072/17 area is not viewed as a floor and we certainly do not rule out an eventual move to 1.15/1.14, which is the bottom of the six-year range.”
“Near-term resistance moves lower to 1.2300/01 initially, above which would trigger a move to the recent minor breakdown point at 1.2431/39, which we look to cap. Above here would open up more important medium-term resistance at 1.2668/76, where we would have even more confidence in a ceiling if reached.”
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