GBP/USD is experiencing a new bounce. The pair is expected to consolidate in the short term, before a possible drop to Credit Suisse’s main technical target at 1.15/1.1409.
Resistance at 1.1968 will cap the upside before a possible drop to 1.15/1.1409.
“Key short-term resistance is seen at the recent reaction high and the 13-day exponential moving average in 1.1968. Our view is that this ideally limits the move to the upside for a low-level consolidation phase before a move back to 1.1805and then to 1.1760“.
“An eventual move below 1.1760 in due time should mean a fall towards our main objective in 1.1500/1.1409the bottom of the six-year range and potential long-term trend support going back to 1985. Our view remains to look for a more significant bottom here.”
“A close above 1.1968 would clear the way for a deeper corrective recovery, with resistance at the early July reaction high in 1.2057.
Source: Fx Street
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