Home GBP/USD: Monitoring A Regime Change; Targeting 1.3180, 1.3276, 1.3381, 13453, 1.3712 – Credit Suisse
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GBP/USD: Monitoring A Regime Change; Targeting 1.3180, 1.3276, 1.3381, 13453, 1.3712 – Credit Suisse

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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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.