Cable is trading up 45 pips to 1.2502
Credit Suisse discusses GBP/USD technical outlook and still sees a scope for a move lower against the 200-day MA at 1.2657.
Support is seen at 1.2442/38 initially, below which would complete a
small intraday top to see a retreat back to 1.2361 initially, then the
1.2176/66 corrective low and 38.2% retracement of the rise from March.
Below here would open up a move to the 1.2030 50% retracement, then
1.1884. Bigger picture, we still eventually see scope for a fall to the 1.1412 low,” CS notes.
“A close above 1.2657 can instead see the rally extend further with
resistance seen next at the 61.8% retracement of the fall from 2019 at
1.2711. With the February point-of-breakdown low not far above at
1.2726, we would look for a fresh top here if reached,” CS adds.