FXStreet notes that GBP/USD is struggling to hold onto 1.39. According to the Credit Suisse analyst team, cable should see weakness extend further, with next support seen at 1.3802/01.
“We continue to look for a more significant turn lower within the broader range from late February. Support is seen next at 1.3878/59 – the 23.6% retracement of the rally from last September – which we look to hold at first. Below in due course though should see support next at the May lows at 1.3802/01.”
“Whilst we would look for the 1.3802/01 level to hold at first, below in due course can see weakness extend further to 1.3717, potentially even the more important April low and 38.2% retracement of the rally from last September at 1.3669/48.”
“Resistance moves to 1.3971 initially, with 1.4000/10 ideally capping."
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