GBP/USD: Below 1.2248 should confirm a double top – Credit Suisse

Analysts at Credit Suisse continue to look for an eventual break of key price support at 1.2248 to confirm a ‘double top’ on the cable.

Key quotes

“A broader topping process is underway and with an RSI momentum top already in place we continue to look for an eventual clear and closing break below 1.2248 to see a ‘double top’ confirmed to mark a more decisive turn lower with support next at 1.2176/66.”

“Resistance is seen initially at 1.2334 initially, then 1.2377, with the 55-day average and price resistance at 1.23979/1.2403 now ideally capping to keep the immediate risk lower.”