GBP/USD may hold below 1.2447 for now, but analysts at Credit Suisse look for an eventual break higher.

Only below the 1.1841 January low would be seen to mark a decisive reversal lower

“GBP/USD is still capped below the 1.2445/47 highs of December. We see scope for further consolidation beneath here.”

“Big picture, we look for an eventual break above 1.2447 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”

“Support is seen at 1.2263 initially, then the 55DMA, currently at 1.22156 which we look to try and hold.”

“Only below the 1.1841 January low would be seen to mark a decisive reversal lower and the completion of a bearish ‘double top’, which is not our base case.”