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Mar 26 - 12:55 PM

EUR/GBP: N-Term Base In The Making; Above 0.8641 Confirms - Credit Suisse

By eFXdata  —  Mar 26 - 10:45 AM

Credit Suisse discusses EUR/GBP technical outlook and looks for a move above .8641 to confirm a near -term base targeting a move towards 0.8738.

"EURGBP extends its defence of key Fibonacci supports, seen starting at .8549 and stretching down to .8520 – the 38.2% retracement of the entire 2015/2020 bull trend – and we look for the completion of a near -term base," CS notes.

"A move above the high of last week at .8641 should confirm for a deeper recovery to .8659/69 initially, then back to what we see as tougher resistance from the late February high and 55 -day average at .8732/38. We would look for a fresh cap here and a resumption of the broader downmove," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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