GBP/USD has seen a clear break of the 78.6% retracement of the 2020/2021 uptrend at 1.2017 and then the 1.1936 prior recent low. Therefore, cable stays seen on course for an eventual move to support at 1.1500/1.1409, in the view of analysts at Credit Suisse.

Resistance at 1.2057 set to cap

“We maintain our immediate negative outlook for an extension of the core downtrend to the bottom of the six-year range at the low of 2020 at 1.15/1409.”

“Resistance at 1.2057 ideally caps to keep the immediate risk lower.”