The GBPUSD needs to break above 1.1565 to see its downtrend since February broken and clear the way for a deeper but still corrective rally towards 1.1739according to analysts at Credit Suisse.
Potential to hit 38.2% retracement of 2021/2022 drop at 1.1838
“The GBPUSD remains capped below its downtrend from February, which is currently at 1.1565but with the momentum of the weekly MACD turning higher, our bias remains for a break above this level and then the recent high of 1.1647to then see a deeper recovery towards the September high 1.1739 and potentially the 38.2% retracement of the 2021/2022 drop in 1.1838. This area of 1.1739/1.1838 is expected to be a difficult barrier.”
“Below 1.0933/16 the need to see the risk of turning directly to the downside remains to see a move back to the low of 1.0347.”
Source: Fx Street