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- EUR/GBP: Support at 0.8888/78 ideally holds with resistance seen at 0.9057 - Credit Suisse
EUR/GBP: Support at 0.8888/78 ideally holds with resistance seen at 0.9057 - Credit Suisse
FXStreet notes that EUR/GBP has held key support at 0.8875 as expected to maintain its base and economists at Credit Suisse stay biased higher with the “measured base objective” at 0.9057.
“We look for a clear break above a cluster of key resistances at 0.8976/94 (including the 38.2% retracement of the March/April fall and ‘neckline’ to the March top) with the ‘measured base objective’ then at 0.9057. Although a pullback from here should be allowed for, we look for a break in due course with resistance next at the 50% retracement of the fall from March at 0.9086 and eventually the 61.8% retracement at 0.9184.”
“Support moves to 0.8931 initially, then the 13-day average at 0.8916. Beneath 0.8888/78 is now needed to warn of a potentially more important topside failure with support then seen next at 0.8826 ahead of the uptrend from March at 0.8821.”
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