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Trader, analyst and instructor with a 6-year experience

Credit Suisse: buy GBP/USD on dips

Strategists at Credit Suisse expect the 1.7059/52 area to limit the losses in GBP/USD. Next strong support is seen at 1.7008/1.6998 (8.2% retracement of the May/July rally). 

They expect buying to resume above the 1.7000 area. However, a break below could see weakness extend to 1.6952/38 (55-day MA). "Above 1.7145/52 is needed to look to the 1.7181 early July high. Above here is needed to confirm a resumption of the uptrend to potential trend resistance at 1.7280 next, and eventually our long-held medium-term target at 1.7330/32", strategists say. 

Chart. Daily GBP/USD

 

 

GBP
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