EUR / GBP has once again held the key Fibonacci supports at 0.8549 / 20 and with an obvious divergence for the RSI momentum, a short-term base is now seen building, with a break above the resistance at 0.8641 needed to confirm that scenario, reports the Credit Suisse team of analysts.
Key statements:
Above last week’s high of 0.8641 is necessary to confirm a small base for a more significant recovery to 0.8659 / 69 initially, then back to what we see as tougher resistance, at the high of late February and the 55-day average at 0.8732 / 42. We would look for a new limit here and a resumption of the general downward movement. “
“Levels below 0.8574 / 69 are needed to clear the way for a fresh look at 0.8535 / 20. We are still looking for an eventual move below here for the ‘measured upper target’ at 0.8430 “.
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