GBP/USD: Break below 1.2590 to clear the way for a more concerted decline – Credit Suisse

Share:

GBP/USD needs to remove key support at 1.2590 to establish a top, analysts at Credit Suisse report.

Break above 1.2819 needed to ease the immediate downside bias

GBP/USD remains under pressure but continues for now at least to hold key support from the 1.2590 late June low. Whilst resistance at 1.2817/19 caps the overall risk will stay seen lower for an eventual break, which if confirmed, would then see a price top established to clear the way for a more concerted decline to test the rising 200-DMA, currently at 1.2392. 

Whilst we would expect to see fresh buyers at 1.2392 at first, a break in due course would see support at the 1.2307 May low next, then the 38.2% retracement of the 2022/2023 uptrend at 1.2075. 

Above 1.2819 stays seen needed to ease the immediate downside bias and threat of a top, but with a break above the recent ‘outside day’ high at 1.2997 seen needed to reassert the broader uptrend for strength back to the 1.3143 high and eventually 1.3400/14.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://www.fxstreet.com/news/gbp-usd-break-below-12590-to-clear-the-way-for-a-more-concerted-decline-credit-suisse-202308241454