No immediate change for GBP/USD with the market trapped in its neutral sideways range of the past two months. Cable would see this resolved higher only above the 1.4000/17 neighborhood, in the view of the Credit Suisse analyst team.
Support is seen at 1.3801/00
“Our immediate focus stays slightly higher in the range with resistance seen at 1.3933 initially ahead of 1.3977 and then more importantly at the March highs at 1.4001/17.”
“Beyond the 1.4001/17 area remains needed to end the sideways range and see a more convincing base established as well as reinforce our core longer-term bullish view following the completion of a much larger base above 1.3514 late last year. We would then look a move back to the 1.4238 high initially, ahead of our first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend.”
“Support moves to 1.3882 initially, then 1.3838 ahead of the recent lows at 1.3801/00. Below here can see a fall back to 1.3717, then the much more important range lows at 1.3670/69.”
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