Browsing: Daily Look

The UK elections are here. How will the pound react?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses GBP/USD technical outlook and flags a scope for further gains upon a break of resistance around 1.3185.

GBP/USD  has also surged higher after completing a bull “triangle” and is now testing pivotal resistance at the 50% retracement of the 2018/2019 fall, April high, potential long term downtrend from 2014 and the 200-week average at 1.3103/85,” CS notes.

A break above here remains needed to mark a broader regime shift higher, which is our bias, with resistance then seen next at the “measured triangle objective” at 1.3276 ahead of current 2019 high at 1.3381, before the 61.8% retracement at 1.3453 and then the “neckline” to the early 2018 top at 1.3712,” CS adds.

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