GBP/USD to decline towards 1.2072/1.2017 as downtrend continues to accelerate – Credit Suisse

The GBP/USD downtrend has accelerated again. Economists at Credit Suisse maintain a negative outlook for 1.2251 and eventually 1.2072/1.2017.

Resistance at 1.2637 set to cap

“We look for the trend to stay directly lower with support seen next at the June 2020 low at 1.2251 and eventually what we look to be stronger support at the 61.8% retracement and May 2020 low at 1.2072/1.2017.”

“Resistance at 1.2637 now ideally caps. Above can see a corrective recovery back to 1.2973/81.”