Below 1.2248, the cable finally confirms the looked for ‘double top’, and analysts at Credit Suisse continue to look for the core trend to turn lower.
Key quotes
“GBP/USD weakness has finally extended below key price support from April at 1.2248 to see the looked for ‘double top’ established to suggest the core trend is turning lower, reinforced by the RSI momentum top already in place.”
“The next key test of support is already underway at 1.2176/66 – the April low and 38.2% retracement of the March/April rally.”
“Resistance is seen initially at the ‘neckline’ to the top at 1.2241/51, which we look to now ideally cap.”
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