A strong week for him GBP/USD has seen the pair easily break above the key 200-Day Moving Average, now at 1.2144. Credit Suisse analysts They expect further strength to the May high at 1.2668.
Initial support at 1.2251
“Cable reached and briefly exceeded the 50% retracement of the 2021-2022 dip and August highs at 1.2278/98. With the pair pulling back below here, we continue to look for a consolidation phase to emerge in the short term. Broadly, we expect this to be temporary, if at all, with further strength expected in due course until next resistance at 1.2408, ahead of 1.2519 and eventually the May high at 1.2668, potentially even as the 61.8% retracement at 1.2758.”
“Support is seen at 1.2251 initially, with 1.2155/35 ideally holding. A break may mark a deeper pullback towards the 13-day EMA at 1.2049, but expect new buyers here.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
