GBP / USD eventually broke above a group of resistances, including its 200-day moving average at 1.3807 / 36, Credit Suisse analysts warn. They see a visit to the resistance seen below at 1.3875 / 88 possible.
Key statements:
“Resistance is seen below at 1.3875 / 88 ahead of the 50% retracement at 1.3910, with the next big group of resistance seen at 1.3968 / 90 – the July highs, the 61.8% retracement and the top of the converging range. We would look for a new peak here. “
“Support is seen at 1.3807 / 02 initially, then 1.3782, with a break below the short-term uptrend at 1.3766 / 59 needed to ease the immediate bias to the upside. Below the mid-week low at 1.3731, a ‘false’ bullish break needs to be marked for a slide back to 1.3680..”
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