GBP/USD has managed to avoid a top but with a break above 1.2270 needed to reassert an upward bias, analysts at Credit Suisse report.

Sustained close below 1.898/41 would see a top established

“GBP/USD has reversed its albeit brief move below its 200-DMA and key 1.1841 January low and thereby avoiding a ‘double top’. Above the 1.2270 mid-February high and downtrend from February 2022 though is needed to clear the way for a fresh look at the 1.2447/49 YTD highs, where we would look for a fresh cap again.”

“Below 1.2028 is needed to warn of weakness back to the 200-DMA and price support at 1.1898/41. Only a sustained close below here in our view would see a top established.”