Search ForexCrunch

GBP/USD remains under pressure, trading around the 1.2530 price zone. The Credit Suisse analyst team look for the immediate risk to stay lower with a test of the 55-day average and uptrend from March at 1.2410/00 on the cards.

Key quotes

“With the market holding back beneath the 200-day average we look for further weakness yet with support seen initially at 1.2446 and then more importantly at 1.2410/00 – the rising 55-day average and confirmed uptrend from March. We would look for this to then hold and for the trend to try and turn higher again.”

“Below 1.2400, GBP/USDwould see the uptrend break to suggest we are seeing a more significant turn lower, with support then seen next at 1.2278/77 – the 38.2% retracement of the entire Match/June uptrend.” 

“Resistance is seen at 1.2546/51 initially above which can ease the immediate downside bias with resistance then seen next at 1.2609 and with 1.2654 ideally now capping to keep the immediate risk to the downside.”

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.