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Dec 13 - 01:24 PM
GBP/USD: Regime Change View In-Play; Staying Bullish M-Term For 1.3712 - Credit Suisse
First appeared on eFXplus on Dec 13 - 09:51 AM

Credit Suisse discusses GBP/USD technical outlook and maintains its bullish regime change view CS has flagged out since early December. see (here) and (here).

"We stay bullish with next key resistance at the “neckline” to the early 2018 top at 1.3712,GBPUSD has surged dramatically higher as the results for the UK election came in, reinforcing our “regime change” scenario with the market clearing with ease resistance from the 1.3381 March high for the year.

We maintain our core bullish outlook and look for further gains with resistance seen next at 1.3569, ahead of 1.3608/18 and then more importantly at our main flagged resistance/”objective” at 1.3712 – the “neckline” to the early 2018 top," CS notes. 

"We continue to view this as a much tougher proposition and we look for this to ideally cap, at least at first, prompting a consolidation/corrective phase. Should strength directly extend, we see resistance next at 1.3797/1.3804, then 1.4000, with the next major resistance seen at the 1.4346/77 highs of 2018," CS adds. 

Credit Suisse Research/Market Commentary


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