Credit Suisse discusses GBP/USD technical outlook and flags a top pattern with a measured objective at 1.3322.
"GBPUSD has seen a further sharp fall to remove with ease a cluster of key supports from the lower end of the March range, 55 - day average and medium -term uptrend at 1.3808/1.3760. This see s a top complete to warn of a more significant turn lower," CS notes.
"We see support next at 1.3662 ahead of the 38.2% retracement of the September/February rally at 1.3641. Whilst we would look for an initial rebound from here, we now look for a break in due course with support then seen next at 1.3567, ahead of 1.3530/20 and then the 50% retracement and the YTD low at 1.3456/52. Whilst we look for this to hold at first, a break in due course can see the “measured top objective” at 1.3322," CS adds.