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Nov 11 - 02:55 PM

EUR/GBP: A Fresh Attempt To Establish A Base Looks Underway - Credit Suisse

By eFXdata  —  Nov 11 - 01:00 PM

Credit Suisse discuses EUR/GBP technical outlook and see a scope for a base-building in the near-term.

"A fresh attempt to establish a base looks underway EURGBP continues to work its way steadily higher and with the market back above the rising 13 - and 55 -day averages, we remain of the view that a potential base -building process is underway and indeed a broader downturn in GBP itself," CS notes. 

"Resistance is seen at .8791, ahead of the 38.2% retracement of the September/October fall at .8835. Above here and then the .8868 October high should be sufficient to establish a “messy” base with resistance then seen next at the 50% retracement at .8918. Support is seen at .8699/79 initially, below which can ease the immediate upward bias for a fall back to .8631/27 initially, potentially even a retest of .8584/67," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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