GBP/USD is expected to remain below the 1.2445/47 December highs for now, in the view of analysts at Credit Suisse.

Support seen at 1.2204, then 1.2169

“We maintain our view that the 1.2245/47 December high is likely to remain a tough barrier and we thus continue to look for this to cap for now, even if the broader trend is still seen higher.”

“Support stays seen at 1.2301/1.2291 initially, then the 13-day exponential average at 1.2204.” 

“A close below 1.2169 remains needed to ease the immediate upside bias to clear the way for a retest of support at 1.2099/89, with the 55-day average now at 1.2045.”

“Resistance is seen at 1.2355, then 1.2417. An eventual break above 1.2447 should see strength extend to 1.2668/1.2758 – the May 2022 high and 61.8% retracement of the 2021/22 fall.”