EUR / GBP has continued its bearish “reversal day” with the completion of a ceiling below 0.8626 / 21 to confirm that risk has declined again, reports the Credit Suisse team of analysts.
Key statements:
“EUR / GBP remains weak after its bearish ‘reversal day’ on Friday and after clearing support at 0.8626 / 21 with ease. This sees a small full top that should confirm that the recent baseline effort has indeed been negated, with the decline already extended to just below initial support at 0.8578. While we would look for initial containment here, an eventual breakout should see a move back to the April low of 0.8471 / 65 and then to the ‘measured target’ from the long-term top at 0.8430 “.
“Big Picture: We suspect that there will be an eventual test of the 2019/2020 lows at 0.8281 / 39”.
“Resistance is seen at 0.8629 initially, with a break above 0.8674 needed to ease the immediate bearish bias for a move back to 0.8699, then 0.8722. Beyond here, however, it is necessary to see the “reversal day” negated for a move to 0.8761 below. “
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