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May 25 - 02:55 PM

GBP/USD: Staying Tactically Bullish Whilst Above 1.4095 Targeting 1.4377 - Credit Suisse

By eFXdata  —  May 25 - 01:30 PM

Credit Suisse discusses GBP/USD technical outlook and highlights the importance of the 1.4095 level for near-term directional bias.

"GBPUSD remains well supported above its recent low and 13 -day exponential average at 1.4100/1.4095 and with a base in place from earlier in May as well as a larger long -term base above 1.3514 we maintain our core bullish outlook. Immediate resistance moves to 1.4171, above which can see strength back to the 1.4224/38 YTD highs, ahead of our first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend," CS notes.

"Below 1.4095 would warn of a minor top for a fresh setback to 1.4078/77, then more importantly at the “neckline” to the base at 1.4016/06, with this expected to remain a solid floor," CS adds.

Source:
Credit Suisse Research/Market Commentary

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