GBP/USD needs to remove key support at 1.2590 to establish a top, analysts at Credit Suisse report.
Break above 1.2819 needed to ease the immediate downside bias
GBP/USD remains under pressure but continues for now at least to hold key support from the 1.2590 late June low. Whilst resistance at 1.2817/19 caps the overall risk will stay seen lower for an eventual break, which if confirmed, would then see a price top established to clear the way for a more concerted decline to test the rising 200-DMA, currently at 1.2392.
Whilst we would expect to see fresh buyers at 1.2392 at first, a break in due course would see support at the 1.2307 May low next, then the 38.2% retracement of the 2022/2023 uptrend at 1.2075.
Above 1.2819 stays seen needed to ease the immediate downside bias and threat of a top, but with a break above the recent ‘outside day’ high at 1.2997 seen needed to reassert the broader uptrend for strength back to the 1.3143 high and eventually 1.3400/14.
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