GBP / USD has been rejected again from resistance at 1.3310 / 19, the 78.6% retracement of September’s slide, raising prospects for more sideways rallies, Credit Suisse economists note.
Key statements:
“Short term support is seen at 1.3204, then 1.3193, with the 13-day average and price support at 1.3172 / 62 now ideally holding for a retest of 1.3310 / 19. However, below 1.3162 a deeper drop back to 1.3127 can be seen, but with a break below 1.3106 needed to warn of a short-term in-range top and a dip towards uptrend support at 1.2942”.
“Resistance is initially seen at 1.3263. Above 1.3310 / 19 may add weight to our view, as we first highlighted in late September that we are in the process of forming the possible ‘right shoulder’ for a major base process for a move to 1.3403 / 09 a continuation and finally back to long-term price and neckline resistance at 1.3472 / 1.3514. A confirmation above here, which we eventually seek, is necessary to see a major bottom secured, clearing the way for a move above 1.4300 ”.
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