GBP/USD breaks out above its May high to expose the 2021 high at 1.4237 – Credit Suisse

FXStreet Insights Team FXStreet

GBP/USD has broken out above its 1.4162/67 recent highs, opening up a move to the 2021 highs at 1.4238 next, then 1.4377, the Credit Suisse analyst team reports.

See: GBP/USD to advance nicely behind still dovish Fed and higher US inflation – MUFG

Support trails to 1.4077

“We stay biased higher, reinforced by the latest breakout above the 1.4155/69 May highs and the sharply accelerating daily MACD momentum. Beyond here can see a move to next resistance at the 1.4238 YTD high, ahead of our first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend.”

“It’s worth noting that above 1.4302/77, there is a real ‘air pocket’ and death of meaningful technical resistance, reinforcing our longer-term bias for an eventual move to 1.49/1.51.”

“Near-term support moves to the broken 1.4167/65 highs, which we now look to hold into the daily close to maintain this latest breakout. Next minor support is seen at 1.4077, then the more important 1.4016/06 ‘neckline’.”

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FXStreet Insights Team

FXStreet

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