GBP/USD: A Weekly Close Above 1.3514 Should Confirm A Major Base For 1.3620 Ahead Of 1.4300 – Credit Suisse
What is the technical outlook for GBP/USD in the coming weeks?
Credit Suisse discusses GBP/USD technical outlook and maintains a bullish bias over the coming weeks.
“We continue to look for a weekly close above 1.3514 today to confirm the major base we have been looking for from September to mark an important change of trend higher. Near -term resistance moves to 1.3590, above which should see a retest of 1.3620/24. Beyond here in due course should see a move to 1.3710/20 – the “neckline” to the early 2018 top and 38.2% retracement of the entire 2007/2020 bear market. We would expect a longer phase of consolidation to be seen here, but big picture we continue to look for a move above 1.4300 and eventually now our raised objective at 1.49/1.51,’ CS notes.
“Support moves to 1.3509 initially, below which can see a pullback to 1.3451, potentially the 13 -day average at 1.3421, but with weakness now not ideally extending below here,” CS adds.
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