GBP/USD may hold below 1.2447 for now still, but analysts at Credit Suisse look for an eventual break higher.

Break below the 1.1841 January low would mark a decisive reversal lower

“GBP/USD has retested and been capped at the 1.2445/47 highs of December. With the sell-off in the USD itself expected to stall for now as already, we see scope for further consolidation beneath here.” 

“Big picture, we look for an eventual break above 1.2447 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”

“Support is seen at 1.2169 initially, then the 55-Day Moving Average, currently at 1.2094 which we look to try and hold.”

“Only below the 1.1841 January low would be seen to mark a decisive reversal lower and the completion of a bearish ‘double top’.”