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GBP/USD has resumed its uptrend, trades up 0.7% on the day to 1.3460, and is on course to test long-term resistance, starting at 1.3514 and stretching up to 1.3640, the Credit Suisse analyst team reports.

More – GBP/USD approaches 13-year resistance line at 1.3522 – Commerzbank

Key quotes

“Immediate resistance is seen at 1.3447, with much tougher resistance and our core objective seen starting at the 2019 high at 1.3514 and stretching up to 1.3620/40 – the 38.2% retracement of the entire 2014/2020 bear market and trend resistance from September 2018. We expect this to then prove a major barrier and we look for this to cap, at least at first, and for a fresh consolidation phase to emerge.” 

“Above 1.3640 though would suggest we are looking at a much more significant and long-term basing process.” 

“Support is seen at 1.3395 initially, with the immediate risk seen higher whilst above 1.3356. Below can see a deeper pullback towards 1.3309/01, but with fresh buyers expected here.”

 

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