GBP/USD is expected to resume its downtrend. The pair stays on course for a move to Credit Suisse’s core objective at 1.1500/1409. 

Resistance at 1.2142 to cap any further recovery attempt

“We look for a sustained break of the 1.1760 July low for a move to our core objective of the key low of 2020 and long-term trend support stretching back to 1985 at 1.1500/1409. We would then look for a fresh floor here. Should weakness directly extend though, this would be seen to expose support next at 1.1285.”

“Resistance at 1.2142 ideally caps any further recovery attempt.”