GBPUSD to see a deeper but still corrective recovery – Credit Suisse

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GBPUSD needs to remove 1.1565 to see its downtrend from February break to clear the way for a deeper but still corrective recovery back to 1.1739, analysts at Credit Suisse report.

“GBPUSD remains capped below its downtrend from February, currently seen at 1.1565, but with weekly MACD momentum having turned higher, our bias remains for a break above here and then the 1.1647 recent high for a deeper recovery to the 1.1739 September high, potentially the 38.2% retracement of the 2021/2022 fall at 1.1838, but with this 1.1739/1.1838 zone expected to prove a tough barrier.”

“Below 1.0933/16 stays seen needed to see the risk turn directly lower again for a move back to the 1.0347 low.”

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