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  • GBP/USD: A close above the 1.2681 200-DMA to lead toward 1.2726 resistance – Credit Suisse

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8 June 2020

GBP/USD: A close above the 1.2681 200-DMA to lead toward 1.2726 resistance – Credit Suisse

FXStreet reports that a close above the 200-day average at 1.2681 would mark a significant break higher with next resistance at 1.2726/31, the Credit Suisse analyst team apprise.

“With USD itself expected to stay under pressure we look for a close above the 200-day average at 1.2681 to suggest we are seeing a more significant turn higher, with resistance seen next at the February low and high of last week at 1.2726/31, then the potential downtrend from December 2019, today seen at 1.2865, which we would expect to cap at first.” 

“Big picture though, we suspect this could eventually lead to a challenge on medium-term resistance at 1.3200.” 

“Support moves to 1.2681/75 initially, with a move back below 1.2661 needed to ease the immediate upside bias with support then seen at 1.2619, then the low from Friday at 1.2583.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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