GBP/USD: Break below the 1.2590 late June low to clear the way for a more concerted decline – Credit Suisse

GBP/USD has broken its uptrend from September and is expected to fall further, analysts at Credit Suisse report.

Move above resistance at 1.2762 needed to ease the immediate downside bias

Key support is now seen at the 1.2590 late June low and although this is holding for now a break would be seen to establish a price top also to clear the way for a more concerted decline to test the rising 200-DMA and May low at 1.2312/07, but with fresh buyers expected to show here. 

Above resistance at 1.2762 is seen needed to ease the immediate downside bias, but with a break above 1.2997 seen needed to reassert the broader uptrend for strength back to the 1.3143 high and eventually 1.3400/14.