GBP/USD to retest medium-term support at 1.3189/35 – Credit Suisse
|GBP/USD continues to essentially hold the “neckline” to the December base at 1.3376 for now. But the broader risk is seen lower for a retest of medium-term support at 1.3189/35, according to economists at Credit Suisse.
Resistance stays seen at 1.3526
“With the USD expected to strengthen further, we look for a sustained move below 1.3376 in due course to clear the way for further weakness to 1.3296 and eventually a retest of medium-term support at 1.3189/35 – the 38.2% retracement of the 2020/2021 uptrend and 2021 lows. We would look for a fresh floor here. Should weakness extend this would warn of a significant break lower with support seen next at 1.2855/29.”
“Resistance stays seen at 1.3435/36 initially, above which can see strength back to 1.3470, then 1.3492, but with a tactical negative bias maintained whilst below 1.3526.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.