FXStreet reports that economists at Credit Suisse apprise that GBP/USD is seen at risk of breaking above 1.2363, its downtrend from late March, which would re-expose the April highs at 1.2643/48.

“Above 1.2363 should confirm to see the downtrend break with resistance then seen next at 1.2467 and then more importantly at the April highs and 200- day average at 1.2643/48 and 1.2669 respectively. We would again expect significant sellers to show here. A close above 1.2669 though would instead suggest we are seeing a more significant turn higher, with resistance seen next at 1.2711.” 

“Support is seen at 1.2309 initially, below which can ease the immediate upside bias with support next at 1.2284/78 and then more importantly at the uptrend and price support at 1.2222/05, which we look to now hold.”