GBP/USD to suffer further weakness towards 1.1020/00 – Credit Suisse

GBP/USD has fallen to Credit Suisse’s 1.1500/1.1409 objective. Their analysts look for only a temporary pause here and further weakness to 1.1020/00.

Consolidation at 1.1500/1.1409 long-held target seen as temporary only

“Whilst we continue to look for a consolidation phase at the key low of 2020 and long-term trend support stretching back to 1985 at 1.1500/1409, we remain of the view this will be temporary only.” 

“Below 1.1409 and certainly potential trend support at 1.1350 would be seen to mark a further significant deterioration with support seen next at 1.1285, ahead of 1.1020/00 and potentially back to the 1985 lows at 1.0520/1.0483.”

“Resistance is seen at 1.1717 initially with 1.1902 ideally capping.”