GBP/USD to extend its slide towards the 1.3641 mark – Credit Suisse
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GBP/USD maintains a bearish “reversal day” to keep the risk lower in its range with next support seen at 1.3641, economists at Credit Suisse appraise.
The risk stays seen lower with support seen at 1.3641
“Below support at 1.3706 should see weakness extend next to test the 1.3670 March low and then 1.3641 – the 38.2% retracement of the September/February rally – which we would look to hold at first. A break though can clear the way for further weakness to 1.3567, with better support seen starting at the December high at 1.3514 and stretching down to 1.3458/52 – the ‘neckline’ to the long-term base, 50% retracement of the rally from September and YTD low at 1.3458/52, where we would look for signs of a better floor.”
“Resistance is seen at 1.3723 initially, then 1.3751, with a break above 1.3773/83 needed to ease the immediate downside bias for a recovery back to the 55-day average at 1.3980/40, but with fresh sellers expected here.”
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