FXStreet reports that GBP/USD maintains a “head & shoulders” top and analysts at Credit Suisse stay biased lower for a deeper corrective setback to the 55-day moving average (DMA) at 1.3753. 

“Cable’s strength has been capped at the 13-day exponential average at 1.3905 and with a small ‘head & shoulders’ top in place we continue to look for a more concerted phase of corrective weakness. Below 1.3800 is needed to add weight to this view for a fall back to 1.3779/76, then the 55-day average at 1.3753, which we look to hold at first.” 

“Our bias is now for a break below the 55-day average at 1.3753 for a test of 1.3741/31 next and then the medium-term uptrend from March 2020, today seen at 1.3680."