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Jan 05 - 10:55 AM

EUR/GBP: Right Shoulder To A Larger Top; Staying M-Term Bearish For 0.8671 - Credit Suisse

By eFXdata  —  Jan 05 - 10:00 AM

Credit Suisse discusses EUR/GBP technical outlook and adopts a bearish bias over the coming weeks.

"EURGBP has seen a choppy few weeks but with resistance from the .9230 December high capping, we remain of the view we are seeing the formation of the “right shoulder” to a larger top. We thus look for the immediate risk to stay lower with support seen at .8929 initially, then crucially at the key price pivot seen through 2020 at .8871/61," CS notes. 

"Ultimately, we need to see a move below here to see a major top established to confirm a large “head & shoulders” top and a major change of trend lower. We would then see support at .8755 initially, ahead of the April 2020 low at .8671," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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