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Credit Suisse holds GBP/USD short

Credit Suisse maintains a short GBP/USD position from 1.6885 with a stop at 1.6957 and a target at 1.6700. They look for a uptrend to resume from the 1.6698/93 area (May/June lows and 38.2% retracement of the November 2013/July 2014 rise).

Resistance is seen at 1.6894 and 1.6930. In their view, the downside risks remain in place below 1.6960 (trendline resistance from the mid-July high and the falling 21-day MA). Rise above 1.7003 is needed to turn the trend higher again. 

Chart. Daily GBP/USD


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