GBP / USD weakness has pushed the price up to just before key support at 1.3571 / 67, Credit Suisse economists explain. They see room for a short-term rally to 1.3706 / 26.
Key statements:
“The resistance is seen at 1.3665 initially ahead of the 38.2% retracement of last week’s decline and the rear of the uptrend at 1.3706 / 26, which we then ideally seek ahead and leads to bearish risks up again. “
“Above 1.3726 would suggest that the recovery may extend further to the 38.2% retracement of the entire July / August drop at 1.3747, potentially to the 200-day average at 1.3786 / 91, but with a better expected barrier here. “
“Support is seen at 1.3639 initially, with a drop below 1.3601 seen to clear the way for a test at 1.3571 / 67. A move below here may clear the way for what we believe may be a more sustainable decline with support seen below at 1.3463 / 51. “
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