GBP / USD maintains a bearish “reversal day” and analysts at Credit Suisse remain bearish, awaiting a test of the recent low and 55-day average at 1.3783 / 76.
Key statements:
“We look for the immediate risk of further declines within the broader consolidation phase. Support remains at 1.3846, below which should add weight to this view to reaffirm a bearish tone again for a dip to retest the 55-day average and recent low at 1.3783 / 79, where we would again look for a bottom. ” .
“A break below 1.3783 / 79 would warn of a top and a more significant correction to the downside, with support seen below in the medium-term uptrend since March 2020, today at 1.3715, and new buyers are expected here, at least initially. ”
“Short term resistance is at 1.3905, above which a retest at 1.4005 / 17 can be seen. Beyond that, one might think that a new basis has been established for the resumption of the basic uptrend. We would then seek strength back to the current cycle high of 1.4237, then our first core bullish target of 1.4302 / 77, which includes key 2018 highs and a 50% retracement of the decline since 2014. “
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