GBP/USD: Further weakness to 1.2500/1.2494 as downtrend accelerates – Credit Suisse

GBP/USD has come under significant pressure over the past week,, with the market breaking decisively below key support levels at 1.30 and 1.2855/29 with ease. With medium-term momentum very strong, analysts at Credit Suisse look for a move to 1.25/2494 next, then 1.2251 over the medium-term.

Resistance at 1.3295/99 set to cap

“The trend is set to stay directly lower with support seen next at the 61.8% retracement at 1.2500/1.2494. Whilst we would look for a hold here, a direct break can see support next at 1.2251.”

“Resistance at 1.3295/99 ideally continues to cap.”