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Oct 29 - 10:55 AM

GBP/USD: Look For A Top Here; Confirms On A Break Below 1.3709 - Credit Suisse

By eFXdata  —  Oct 29 - 09:30 AM

Credit Suisse discusses GBP/USD technical outlook and maintains a bearish bias in the near-term.

"We maintain our view of looking for a top here and for the risk to turn back lower. Our negative view for a break below 1.3709/02 for a fall to test 1.3674/67. Ultimately though, we believe we need to see a close below this latter level to suggest we are seeing a more concerted move lower again, with support seen next at 1.3575/69, then 1.3544 and eventually the 1.3411 low," CS notes. 

"Near -term resistance at 1.3782 now ideally caps to keep the immediate risk lower. Above can see a move back to 1.3735/55, but with a close above here needed to reassert a broader sideways range, with resistance then seen next starting at the 1.3914 September high and stretching up to the 61.8% retracement of the fall from June at 1.3929," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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