GBP/USD is testing below the prior YTD low at 1.1932, which analysts at Credit Suisse look to break to provide a platform for further downside to 1.1500/1.1404 in due course. 

Neutral on GBP/USD on a three-six month horizon

“With GBP holding a top in Trade Weighted Terms and with the DXY index edging strongly higher, we think that a close below 1.1932 is imminent and that a move below here will provide a platform for further downside to the bottom of the 6-year range at the low of 2020 at 1.15/14.”

“Note that the Credit Suisse House View is currently neutral on GBP/USD on a three-six month horizon.”