No immediate change for GBP/USD with the market trapped in its neutral sideways range of the past two months. Cable would see this resolved higher only above the 1.4000/17 neighborhood, in the view of the Credit Suisse analyst team.
“Our immediate focus stays slightly higher in the range with resistance seen at 1.3933 initially ahead of 1.3977 and then more importantly at the March highs at 1.4001/17.”
“Beyond the 1.4001/17 area remains needed to end the sideways range and see a more convincing base established as well as reinforce our core longer-term bullish view following the completion of a much larger base above 1.3514 late last year. We would then look a move back to the 1.4238 high initially, ahead of our first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend.”
“Support moves to 1.3882 initially, then 1.3838 ahead of the recent lows at 1.3801/00. Below here can see a fall back to 1.3717, then the much more important range lows at 1.3670/69.”
