GBPUSD's focus still on support next at the 38.2% retracement of the February/May recovery at 1.4414 next, notes Credit Suisse Techs.
"We allow for a bounce here, but beneath it can then look to the 55-day average and the top of the former base at 1.4377/48.
Capitulation below price/50% retracement level at 1.4303/4299 is required to signal a more sustained sell-off to 1.4090, ahead of the early April low at 1.4006.
Resistance moves to 1.4573/80, then 1.4641, with a break above 1.4771 needed to turn the trend higher again to test a bigger obstacle at 1.4847/83 – the 50% retracement level and the falling 200-day average,' CS projects.
In line with this view, CS runs a limit order at 1.4580, with a stop a 1.4659, and a target at 1.43.
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