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May 24 - 06:55 PM

Credit Suisse Anticipates Important Top In GBP/USD, Reinforces Negative View

By eFXdata  —  May 24 - 02:49 PM

Credit Suisse's technical outlook on GBP/USD suggests a potential important top. The recent weakness in GBP/USD has found some stability just above its 55-day average and crucial price support at 1.2376/44. However, since the currency pair has reached and rejected the bank's core and long-held target zone, beginning at the 1.2668 high from May 2022, ahead of the downtrend from May 2021 at 1.2681 and then the 61.8% retracement of the entire 2021/2022 decline at 1.2758, the bank sustains its main viewpoint of identifying a significant top.

According to Credit Suisse, a dip below 1.2344 would confirm the completion of a top, reinforcing their bearish outlook. Following this, initial support is anticipated at 1.2274, and then at the 23.6% retracement of the 2022/2023 uptrend at 1.2130, which is expected to hold initially. Initial resistance is seen at 1.2485/95, ideally capped at 1.2548. If it goes beyond, the pair could see a rebound to 1.2616/26, but new sellers are expected to enter the market at this level.


Credit Suisse Research/Market Commentary


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