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GBP/USD maintains a bearish “reversal day” to keep the risk lower in its range with support seen at 1.3706 initially, then 1.3641, as reported by the Credit Suisse analyst team.

Resistance moves to 1.3838/40 initially

“Support moves to 1.3733/25 initially below which should see a fall back to 1.3706 next, ahead of the 1.3670 March low and then 1.3641 – the 38.2% retracement of the September/February rally – which we would look to hold at first. A break though can clear the way for further weakness to 1.3567, with better support seen starting at the December high at 1.3514 and stretching down to 1.3458/52 – the ‘neckline’ to the long-term base, 50% retracement of the rally from September and YTD low at 1.3458/52, where we would look for signs of a better floor.”  

“Resistance is seen at 1.3794 initially, with a break above 1.3840 needed to ease the immediate downside bias for a recovery back to 1.3890. Above 1.3919 though is needed to see the ‘reversal day’ negated for a move back to the top of the range at 1.3977.”