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- GBP/USD to suffer a sustained move below 1.1936 for a fall to 1.1500/1.1409 – Credit Suisse
GBP/USD to suffer a sustained move below 1.1936 for a fall to 1.1500/1.1409 – Credit Suisse
GBP/USD closed the previous week above 1.20 but has reversed its course on Monday. The pair is expected to see a clear break below 1.1936, with Credit Suisse’s core technical objective at 1.15/1.14.
Next major support seen at 1.1500/1.1409
“With a top in place in trade-weighted terms and with short-term momentum reaccelerating, we look for a sustained break of the 1.1936 June low in due course. This should then clear the way for further weakness to next support at 1.1861/57 ahead of 1.1775 and eventually 1.1500/1.1409, the bottom of the six-year range and potential long-term trend support stretching back to 1985. Our bias remains to then look for a more important floor to be found here.”
“Near-term resistance is seen at 1.2003, then 1.2039/49, with the recent reaction high and 13-day exponential average at 1.2057/89 ideally capping on a closing basis.”
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