GBP/USD is expected to remain trapped in the approximate 1.1850-1.2450 range still, according to economists at Credit Suisse.

Break below 1.1841 January low to signal a much deeper sell-off

“GBP/USD has held support at 1.1951/44 as looked for, never mind the key 1.1841 January low, and we continue to look for this to hold to keep the market trapped in a range. However, we stress that a break below here would complete a bearish ‘double top’ to signal a much deeper sell-off, and likely a stronger USD rally more broadly, with support seen next at 1.1646.”

“Post this rangebound phase, we are still biased towards an eventual break above 1.2447/49 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”