GBP/USD has been unable to sustain its break below the 78.6% retracement of the entire 2020/2021 uptrend at 1.2017. However, strength stays seen as corrective ahead of an eventual fall to 1.1500/1.1409, in the view of analysts at Credit Suisse.

Initial resistance stays seen at 1.2431

“GBP/USD has been unable to sustain its break below the 78.6% retracement of the entire 2020/2021 uptrend at 1.2017 but with GBP holding a top in Trade Weighted Terms and with the USD also expected to stay strong strength stays seen as corrective and temporary.”

“We continue to look for a sustained break below 1.2017/00 in due course to clear the way for further weakness to 1.1500/1.1470, potentially the 1.1409 low of 2020.”

“Resistance stays seen at 1.2431 initially, with 1.2668 ideally continuing to cap.”