GBP/USD: Weekly close below 1.3173/21 to clear the way for further falls towards 1.2855/29 – Credit Suisse

GBP/USD has collapsed sharply for a break of the key 1.3173/21 support cluster. A weekly close below the latter would warn of further significant weakness, according to analysts at Credit Suisse.

Resistance at 13272/73 to cap upside

“We look for a weekly close below the key 1.3173/21 support cluster – which includes the 38.2% retracement of the 2020/2021 uptrend, 2021 lows and 200-week average – to confirm the break, clearing the way for further weakness to next support at 1.2855/29.”

“The immediate risk should stay lower whilst below 1.3272/73.”