GBP/USD set to fall back back to the 1.0347 low – Credit Suisse

GBP/USD maintains a small bearish “reversal day” to suggest the recovery is over. Analysts at Credit Suisse look for an eventual retest of the 1.0347 low.

Support seen at 1.0933/16, then 1.0786

“Support is seen at 1.1057/55 initially, then price support from the top of the late September base at 1.0933/16. Below here is seen needed to add further momentum to the decline with support seen next at 1.0786 ahead of 1.0539 and eventually back to the 1.0347 low.” 

“Big picture, we look for an eventual test of the key psychological parity level.” 

“Resistance is seen at 1.1186 initially, with a move back above 1.1227 needed to raise the prospect of further high-level ranging and a fresh test of resistance at 1.1490/1.1500, but with sellers expected to again show here.”