EUR/GBP to see next resistance at 0.8732/42 once above 0.8641 – Credit Suisse

EUR/GBP has again held key Fibonacci supports at 0.8549/20 and with a glaring RSI momentum divergence in place, a near-term base is now seen building, with a break above resistance at 0.8641 needed to confirm, the Credit Suisse Analyst team reports.

Key quotes
“Above the high of last week at 0.8641 is needed to confirm a small base for a deeper recovery to 0.8659/69 initially, then back to what we see as tougher resistance from the late February high and 55-day average at 0.8732/42. We would look for a fresh cap here and a resumption of the broader downmove.”
EUR/GBP has again held key Fibonacci supports at 0.8549/20 and with a glaring RSI momentum divergence in place, a near-term base is now seen building, with a break above resistance at 0.8641 needed to confirm, the Credit Suisse Analyst team reports.

Key quotes
“Above the high of last week at 0.8641 is needed to confirm a small base for a deeper recovery to 0.8659/69 initially, then back to what we see as tougher resistance from the late February high and 55-day average at 0.8732/42. We would look for a fresh cap here and a resumption of the broader downmove.”