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Feb 24 - 10:55 AM

GBP/USD: Staying Core Bullish For 1.4302/77 And Eventually 1.49/1.51 - Credit Suisse

By eFXdata  —  Feb 24 - 09:30 AM

Credit Suisse discusses GBP/USD technical outlook and maintains a bullish bias over the coming weeks.

"We maintain our core bullish outlook, with our first major objective still at 1.4302/77 – the key 2018 highs and 50% retracement of the 2014/2020 bear trend. We would look for this to then cap at first for what could be a fresh and lengthy consolidation phase. Big picture, we continue to look for a break in due course for eventual move to our 1.4984/1.5136 core objective – the 38.2% retracement of the entire 2007/2020 bear market. 61.8% retracement of the fall from 2014 and the June 2016 “Brexit” high," CS notes. 

"Near-term support moves to 1.4052, then 1.4016, with an immediate upside bias now seen whilst above 1.3981. Below can see a move back to 1.3927, with the 13 -day exponential average at 1.3910 ideally holding further weakness," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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