GBP/USD breaks long-term downtrend to target late 2019 high at 1.3514 – Credit Suisse

GBP/USD has broken its long-term downtrend from 2015 and analysts at Credit Suisse look for a fresh leg higher with the next meaningful resistance seen at 1.3514/1.3640.

Key quotes

“GBP/USD has seen a conclusive break of its long-term downtrend from 2015 post a brief pause and with key price resistance at 1.3200/15 also removed with ease, we look for a fresh leg higher with the next meaningful resistance seen at 1.3514/1.3640 – the late 2019 high, 38.2% retracement of the entire 2014/2020 bear trend and key trend resistance, which we expect to cap at first.”

“Support for a setback is seen at 1.3186 initially, with only a move back below 1.2982 warning of a near-term top.”