GBP/USD: Move above 1.3007 to open the door back to 1.3125/35 – Credit Suisse
|The GBP/USD pair traded with a positive bias through the early European session and was last seen hovering near the top end of its daily range, around the 1.2875-80 region. Economists at Credit Suisse look for an attempt to establish a more important base with key resistance seen at 1.2967/1.3007, above which is needed to confirm to open the door back to 1.3125/35 initially and eventually a retest of medium-term resistance at 1.3482/1.3514.
More – GBP/USD attempts to recover towards 1.3070 – Commerzbank
Key quotes
“GBP/USD extends its defence of our target of a cluster of supports at 1.2720/1.2655 – the 200-day average, the 38.2% retracement of the entire March/September rally, 23.6% retracement of the entire rally from the March low and ‘measured top objective’ – and we look for an attempt to establish a floor here.”
“Above 1.2805 has already seen a minor base complete and we look for this to clear the way for a challenge on what we see as more important resistance, starting at 1.2967 and stretching up to 1.3007 – the mid-September highs and 55-day average. A close above here remains needed to confirm a more important base and turn higher with resistance then seen next at 1.3035 initially, then the ‘neckline’ to the August/September top at 1.3125/35. Beyond this latter area can clear the way for a retest of medium-term resistance at 1.3482/1.3514.”
“Near-term support moves to 1.2833, then 1.2805, with 1.2752 now ideally holding to keep the immediate risk higher.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.