Credit Suisse discusses EUR/GBP technical outlook and maintains a tactical bearish bias in the near-term.
"EURGBP extends its consolidation but with support at .8617 broken our broader bias stays bearish and post this consolidation we look for a retest of more important Fibonacci support, seen at .8520 – the 38.2% retracement of the entire 2015/2020 bull trend. Although a fresh hold here should be allowed for and an eventual break can see a move to the “measured top objective” at .8430 and eventually we think the key lows of 2019 and 2020 at .8281/39," CS notes.
"Resistance moves to .8622/24 initially, with .8659/69 ideally still capping. Above can clear the way for a move back higher in the range with resistance seen at .8708 next, then .8732/42. Support remains at .8549/42, then .8520," CS adds.