GBP/USD: On course to test support at 1.2248 – Credit Suisse

The GBP/USD pair would confirm a “double top” below 1.2248 with support next at 1.2176/66, Credit Suisse’s analysts report.

Key quotes

“We look for a test of important price support at 1.2248, removal of which remains needed to see a ‘double top’ confirmed to mark a more decisive turn lower in line with our broader topping scenario. We would then see support next at 1.2176/66 – the April low and 38.2% retracement of the March/April rally.” 

“Resistance moves to 1.2418/21 initially, with the 55-day average at 1.2450 now ideally capping further strength.”