GBP/USD: Resistance at 1.1480 /1.1500 to cap the recovery – Credit Suisse

GBP/USD has struggled to find acceptance above 1.1400 on Monday. Resistance at 1.1480/1.1500 is set to cap cable, analysts at Credit Suisse report.

Support seen at 1.1215/11, then 1.1080/61

“GBP/USD extends its consolidation for a test of its short term downtrend from the beginning of October at 1.1405/11. We would not rule out further strength to the 55-day average at 1.1480 but with the October high just above at 1.1496, we continue to look for this to prove the extent of the recovery. Above 1.1496/1.1500 though would mark the completion of a small bullish continuation pattern to clear way for a deeper recovery.”

“Support is seen at 1.1244 initially, with a break below 1.1215/11 needed to ease the immediate upside bias with short-term trend/range support and low from Friday at 1.1080/61. Below here can see a retest of 1.0933/16.”