GBP/USD has struggled to find acceptance above 1.1400 on Monday. Credit Suisse analysts report that resistance at 1.1480/1.1500 will cap the pound.
Support at 1.1215/11, then 1.1080/61
“GBP/USD extends its consolidation to test its short-term downtrend since early October at 1.1405/11. We wouldn’t rule out further strength to the 55-day SMA at 1.1480, but with the October high just above At 1.1496, we continue to expect this to show the extent of the recovery. However, the breakout of 1.1496/1.1500 would mark the end of a small bullish continuation pattern which would pave the way for a deeper recovery.”
“Support is seen at 1.1244 initially, with a break below 1.1215/11 needed to alleviate the immediate upside bias with short-term trend/range support and Friday’s low at 1.1080/61. Below here you can see a retest of 1.0933/16”.
Source: Fx Street
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