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GBP/USD is seen at risk of breaking above 1.2363, its downtrend from late March, which would re-expose the April highs at 1.2643/48, economists at Credit Suisse apprise. Commerzbank also has the mentioned April high in focus.

Key quotes

“Above 1.2363 should confirm to see the downtrend break with resistance then seen next at 1.2467 and then more importantly at the April highs and 200- day average at 1.2643/48 and 1.2669 respectively. We would again expect significant sellers to show here. A close above 1.2669 though would instead suggest we are seeing a more significant turn higher, with resistance seen next at 1.2711.” 

“Support is seen at 1.2309 initially, below which can ease the immediate upside bias with support next at 1.2284/78 and then more importantly at the uptrend and price support at 1.2222/05, which we look to now hold.”