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