February 8, 2023

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GBP/USD: Watch 1.3809 on downside and 1.3950 on upside

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Cable strategy from Credit Suisse

Cable strategy from Credit Suisse

Credit Suisse discusses GBP/USD technical outlook and highlights the importance of the 1.3809 level, and the 1.3950 level for near-term directional bias.

Below 1.3810/09 though remains needed to see this fully negated in our view to reinforce the broader sideways range again,
albeit with an immediate downside bias. Support would then be seen next
at the recent “reversal day” low at 1.3717, below which can clear the
way for a retest of the lower end of the sideways range at 1.3670/69,”
Credit Suisse notes.

Above 1.3950 remains needed to reassert an upward bias and clear the way for a retest on the top of the range at 1.4001/17. Beyond here would now see a more convincing base established.

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