GBP/USD: On course to retest and eventually break above the 1.2447/49 highs – Credit Suisse

GBP/USD continues to push strongly higher. Economists at Credit Suisse expect the pair to break above the 1.2447/49 December and January highs.

GBP/USD could fall back to 1.2009 on a break below 1.2190/57

“We stay bullish for a fresh look at the 1.2447/49 December and January highs. Whilst this should continue to be respected, we are biased to an eventual break of resistance next at 1.2668/1.2768 – the May 2022 high, 61.8% retracement of the 2021/2022 fall and long-term downtrend from May 2021.”

“Support at 1.2190/57 now ideally holds to keep the immediate risk higher. A break can see a fall back to 1.2009.”