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GBP/USD remains finely balanced, capped at its downtrend from early March at 1.2350, but holding its uptrend from late March at 1.2206, the Credit Suisse analyst team report.

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Key quotes

“Below 1.2234 is needed for a retest of 1.2206/05, but with a break here needed to see a test of the 1.2164/62 recent lows. Removal of here though is needed to mark a more decisive negative tone again with support next at 1.2076, then 1.2030 and eventually 1.1934.” 

“Above 1.2281 can see resistance at 1.2326, but with a break above 1.2363 needed to see the downtrend break with resistance then seen at 1.2467 and then more importantly at the April highs and the 200-day average at 1.2643/48 and 1.2668 respectively.”