#GBPUSD @ 1.23239 to simmer a break past the 1.2445/47 highs of December – Credit Suisse
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GBP/USD may hold below 1.2447 for now, but analysts at Credit Suisse look for an eventual break higher.
“GBP/USD is still capped below the 1.2445/47 highs of December. We see scope for further consolidation beneath here.”
“Big picture, we look for an eventual break above 1.2447 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”
“Support is seen at 1.2263 initially, then the 55DMA, currently at 1.22156 which we look to try and hold.”
“Only below the 1.1841 January low would be seen to mark a decisive reversal lower and the completion of a bearish ‘double top’, which is not our base case.”
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