GBP/USD: Risk stays seen higher with resistance next at 1.2894 – Credit Suisse
GBP/USD continues its steady push higher after breaking key resistance from its 200-day average and with the June high at 1.2808/17 now cleared, analysts at Credit Suisse stay biased higher with next resistance next at 1.2894, then at 1.2977 and eventually at the more important long-term downtrend from the 2007 peak at 1.3128.
Key quotes
“We stay biased higher with resistance seen at 1.2894 next – the 50% retracement of the entire fall from the 2018 peak. Whilst a pullback from here should be allowed for, we look for a break in due course with resistance then seen next at 1.2936 ahead of 1.2977 and then eventually the long-term downtrend from the 2007 peak, currently seen at 1.3128. With the February and March highs not far above at 1.3200/15, we expect this to then prove a tougher barrier.”
“Support moves to 1.2804 initially, then 1.2785, with 1.2773/68 ideally holding to keep the immediate risk higher. A break can see a deeper pullback, but with key price and 200-day average support at 1.2717/01 ideally holding further weakness.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.