GBP/USD: Core trend to turn lower again – Credit Suisse

GBP/USD is expected to stay capped at key resistance and analysts at Credit Suisse look for the core trend to turn lower again

 Key quotes

“GBP/USD remains capped at its April high and 200-day average at 1.2643/57 and we continue to look for a top to form. Below 1.2248 is now needed to confirm a top with support then seen next at 1.2176/66, below which should see a move back to 1.1934/1.1884.” 

“A close above 1.2657 would see the trend turn higher again, with resistance then seen initially at 1.2726.”

“Below 1.1884 would a clear break of the long-term uptrend from 1985 for a fresh look at the 1.1412 low from March.”