GBP/USD resistance moves to 1.4481 then 1.4542 with 1.4573/80, ideally capping to keep the trend directly lower, notes Credit Suisse.
On the downside, CS thinks that pair could test the 55-day average and the top of the former base at 1.4372/35.
"We would expect this to hold initially. A direct break beneath it can then aim at price/50% retracement support at 1.4303/4299.
Beneath here is needed to signal a more sustained sell-off to 1.4090, ahead of the early April low at 1.400," CS adds.
In line with this view, CS runs a limit order to sell GBP/USD at 1.45, with a stop at 1.4576, and a target at 1.43.
*This trade is recorded and tracked in eFXplus Orders.
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Copyright © 2016 Credit Suisse, eFXnews™Original Article
