GBP / USD broke below its recent low at 1.3786, which should lead to further weakness within the range, Credit Suisse analysts say. They see the next support at the 1.3369 / 48 zone, which they position as a major medium-term turning point.
Key statements:
“We are looking for a move towards lower support at 1.3717 next and probably the most important April low, the 200-day average and 38.2% retracement of the rally from last September at 1.3669 / 48, where we would look for a more important bottom.”
“It is worth noting that a decline below 1.3669 / 48 would complete a significant ‘double top’, however, this is seen as a risky scenario for now. It is worth noting, however, that the next notable support below is at 1.3579 / 67. “
“Short term resistance is at 1.3873 / 86, which should now ideally hold back the pair to keep the downside pressure in the short term. A close above 1.4000 / 07 would instead suggest that the worst of the decline is over. to reinforce the wider lateral range. “
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