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Aug 13 - 02:55 PM

GBP/USD: A Low May Be In Place; A Close Above 1.3920 To Confirm - Credit Suisse

By eFXdata  —  Aug 13 - 01:30 PM

Credit Suisse discusses GBP/USD technical outlook and sees a scope for an upside towards 1.3920 ahead of 1.4249.

"Above price resistance at 1.3895 is needed for a move back to the 55 -day average at 1.3920. A close above here is needed to further increase the upside risk and potential basing process for 1.3956, then a fresh challenge on key “neckline”, price and 61.8% retracement resistance at 1.3978/1.4010," CS notes. 

"A break above this latter area would mark the completion of a “head & shoulders” base and a more important turn higher for 1.4099/1.4104 initially and eventually back to the 1.4249 YTD high," CS adds.

 

Source:
Credit Suisse Research/Market Commentary

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