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.