GBP/USD’s weakness was aggressively reversed on Friday. Analysts at Credit Suisse look for strength back to 1.2447 and eventually 1.2668/1.2758.

Support is seen at 1.1936/30

“We look for strength back to 1.2242 initially, then the potential downtrend from February last year at 1.2346/55. Whilst we would look for a fresh pause here, we look for a break in due course for strength back to the 1.2445/47 December highs and eventually our core objective at 1.2668/1.2758 – the May 2022 high and 61.8% retracement of the 2021/2022 fall.” 

“Support is seen at 1.2075 initially, then 1.2035, with the aforementioned 55DMA and ‘neckline’ support at 1.1936/30 ideally holding further weakness.”