GBP/USD: Close above resistance at 1.2779/93 needed to ease immediate downside bias – Credit Suisse GBPUSD Technical Analysis Banks
is holding above key support from the 1.2590 late June low. Economists at Credit Suisse analyze the pair’s technical outlook.A close above resistance from its 13-day exponential average and recent reaction high at 1.2779/93 is now seen needed to ease the immediate downside bias, but with a break above the recent ‘outside day’ high at 1.2997 seen needed to reassert the broader uptrend for strength back to the 1.3143 high and eventually 1.3400/14.
A close below 1.2590 though would instead see a price top established to clear the way for a more concerted decline to test the rising 200-DMA and May low at 1.2345/07, but with fresh buyers expected to show here.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.
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