GBP/USD: Scope for a near-term rebound ahead of a slump to 1.15/1.1409 – Credit Suisse

GBP/USD is seeing a fresh rebound. Cable is expected to consolidate near-term, ahead of an eventual fall to Credit Suisse’s core technical objective at 1.15/1.1409. 

Resistance at 1.1968 ideally caps ahead of an eventual fall to 1.15/1.1409 

“Key near-term resistance is seen at the recent reaction high and 13-day exponential average at 1.1968. Our bias is for this to ideally cap for a low-level consolidation phase ahead of a move back to 1.1805, then 1.1760.” 

“An eventual move below 1.1760 in due course should see a fall to our core objective at 1.1500/1.1409, the bottom of the six-year range and potential long -term trend support stretching back to 1985. Our bias remains to then look for a more important floor to be found here.” 

“A close above 1.1968 would be seen to clear the way for a deeper corrective recovery to emerge with resistance seen next at the early July reaction high at 1.2057.”