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.