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.