GBP/USD maintains a slight upward bias in its broader range. Analysts at Credit Suisse look for a retest of key resistance seen starting at the recent spike high at 1.3644, ahead of 1.3662/63 and then the key 200-day average (DMA), now at 1.3692.
Support at 1.3466/56 set to hold
“Resistance moves to 1.3610 initially, above which should clear the way for strength back tougher resistance seen starting at the recent spike high at 1.3644 ahead of 1.3662/63 and then the key 200-DMA, now at 1.3692.”
“A close above 1.3700 remains needed to suggest we are seeing a more sustained turn higher, with resistance then seen next at 1.3830/38.”
“Near-term support moves to 1.3556, then 1.3529, below which can see a retreat back to the 1.3487 recent low. With the 55-DMA and potential uptrend from late not far below at 1.3466/56 we continue to look for a fresh floor here. Should weakness directly extend this can see a retest of the late January low and ‘neckline’ to the December base at 1.3376/59.”