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GBP/USD extends its rejection from its now falling 200-day average with the past couple of weeks seeing a sharp acceleration lower for a break of the 1.3411 September low. The pair stays on course for an eventual fall to a cluster of supports at 1.3189/35, economists at Credit Suisse report.
Resistance moves to 1.3607 initially
“We maintain our core bearish outlook for a cluster of supports at 1.3189/35, including the 38.2% retracement of the 2020/2021 bull trend. We would look for this to then hold at first for a fresh consolidation phase. Should weakness directly extend, we see support next at 1.2855/29.”
“Resistance moves to 1.3607 initially, with 1.3699 now ideally capping.”
This article was originally published by Fxstreet.com. Read the original article here.