GBP / USD maintains recent breakouts and in the year high zone, reaffirming the central uptrend and the existing long-term base above 1.3514, Credit Suisse analysts explain. They see resistance below at 1.3890 / 95, ahead of 1.3997 / 1.4000 and finally the key highs of 2018 and a Fibonacci retracement at 1.4302 / 77.
Key statements:
“We see resistance at 1.3890 / 95 ahead of 1.3997 / 1.4000, where we see room for an initial pause. Above here in due course, although we can see resistance at 1.4091 below, with our first major target at 1.4302 / 77, the key 2018 highs, and the 50% retracement of the 2014/2020 downtrend, which We hope to limit progress for a new phase of consolidation. “
“In the broad view, we are still looking for an eventual move to 1.49 / 1.51.”
“Support is anticipated to rise to 1.3821 initially, with 1.3803 now ideally holding to keep immediate risk up.. A deeper pullback to 1.3161 / 58 can be seen below, potentially the 13-day exponential average at 1.3731, but good support is expected here. “
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