Cable near-term base, looking for a test of 1.3855 ahead of 1.3919 - Credit Suisse

Author: Adam Button | Category: News

Cable has been flat for the past month

Cable has been flat for the past month

Credit Suisse discusses GBP/USD technical outlook and adopts a tactical bullish bias in the near-term.

"Above 1.3783 has seen a near -term base complete as well as resistance from the 13 -day exponential average cleared to reassert an upward bias within a broader sideways range. We look for a test of the 55 -day average, price resistance and potential downtrend at 1.3838/55, with fresh sellers expected here at first. Above in due course though can see strength extend back to 1.3919," CS notes. 

"Support remains seen at 1.3750 initially, below which can clear the way for a fall back to 1.3695, then more likely a retest of 1.3670/63. Beneath here would see the broader risk turn lower again with support then seen at 1.3641, then 1.3567," CS adds.

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