GBPUSD needs to remove 1.1565 to see its downtrend from February break to clear the way for a deeper but still corrective recovery back to 1.1739, analysts at Credit Suisse report.

Potential to reach the 38.2% retracement of the 2021/2022 fall at 1.1838

“GBPUSD remains capped below its downtrend from February, currently seen at 1.1565, but with weekly MACD momentum having turned higher, our bias remains for a break above here and then the 1.1647 recent high for a deeper recovery to the 1.1739 September high, potentially the 38.2% retracement of the 2021/2022 fall at 1.1838, but with this 1.1739/1.1838 zone expected to prove a tough barrier.”

“Below 1.0933/16 stays seen needed to see the risk turn directly lower again for a move back to the 1.0347 low.”