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Jan 21 - 09:55 AM

GBP/USD: Above 1.3720 Confirms A Bullish Ascending Triangle Targeting 1.40 - Credit Suisse

By eFXdata  —  Jan 21 - 09:00 AM

Credit Suisse discusses GBP/USD technical outlook and flags a scope for a move towards 1.40 in the near-term.

"With a major base in place above 1.3514 we continue to look for a clear break above 1.3720 to mark the completion of a bullish “ascending triangle” pattern for a resumption of the core bull trend. We would then see resistance next at 1.3804 ahead of 1.3997/1.4000 and then our first main objective at 1.4302/77 – the high of 2018 itself and the 50% retracement of the 2014/2020 bear trend," CS notes. 

"Support moves to 1.3652 initially, wit 1.3624/22 now ideally holding to keep the immediate risk higher. Below here can ease the immediate upside bias for a fall back to 1.3520, potentially the lower level of the high -level range, seen starting at 1.3470," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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