What is the outlook for GBP/USD in the near-term?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses GBP/USD technical outlook and highlights the importance of the 1.4095 level for near-term directional bias.
“GBPUSD remains well supported above its recent low and 13 -day exponential average at 1.4100/1.4095 and with a base in place from earlier in May as well as a larger long-term base above 1.3514 we maintain our core bullish outlook. Immediate resistance moves to 1.4171, above which can see strength back to the 1.4224/38 YTD highs, ahead of our first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend,” CS notes.
“Below 1.4095 would warn of a minor top for a fresh setback to 1.4078/77, then more importantly at the “neckline” to the base at 1.4016/06, with this expected to remain a solid floor,” CS adds.
For lots more FX trades from major banks, sign up to eFXplus
By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.Get the 5 most predictable currency pairs