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Sep 22 - 10:55 AM

GBP/USD: Bear Triangle In The Making; To Be Confirmed Below 1.3567 - Credit Suisse

By eFXdata  —  Sep 22 - 09:44 AM

Credit Suisse discusses GBP/USD technical outlook and flags a bear triangle pattern in the making. 

"Whilst we would look for a fresh hold here again for now, an eventual move below 1.3571/67 would resolve the range lower for the completion of a bearish “triangle” continuation pattern. We would then look for a more meaningful decline with support seen initially at 1.3520/15, the December 2019 high, then the “neckline” to the 2019/2020 base at 1.3451/36.

Big picture though, we would see scope for an eventual fall to a cluster of supports including the 38.2% retracement of the entire 2020/2021 bull trend at 1.3189/35," CS notes. 

"Resistance is seen at 1.3679 initially, with a break above 1.3694/1.3700 needed to ease the immediate downside bias for a move back to the 13 -day ema and price resistance at 1.3755/65, which now ideally caps," CS adds. 

Credit Suisse Research/Market Commentary


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