GBP / USD maintains a bearish “reversal day” to preserve bearish risk in its range, with the next support seen at 1.3641, Credit Suisse analysts explain.
Key statements:
“Below support at 1.3706 weakness should be seen to extend below to test the March low of 1.3670 and then 1.3641, the 38.2% retracement of the September / February rally, which we would seek to hold at the beginning. However, a breakout may clear the way for further weakness to 1.3567, with better support seen from the December high at 1.3514, extending to 1.3458 / 52, the long-term ‘neck’ to base, the 50% retracement of the September rally and this year’s minimum at 1.3458 / 52, where we would look for signs of a better floor “.
“Resistance is initially seen at 1.3723, then at 1.3751, with a break above 1.3773 / 83 needed to ease the immediate bearish bias for a recovery back to the 55-day average at 1.3980 / 40, but with new sellers expected here. “
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