The EUR / GBP cross, experiencing a clear break above 0.8641, is expected to confirm a short-term bottom and a deeper recovery to the 55-day average at 0.8732 / 38, estimates the Credit Suisse team of analysts.
Key statements:
“A sustained move above last week’s high at 0.8641 should confirm a deeper recovery to 0.8659 / 69 initially, then back to what we see as tougher resistance from the late February high and the 55-day average at 0.8732 / 38. We would look for a new limit here and a resumption of the general downward movement. “
“Short-term support moves to 0.8597. Levels below 0.8574 / 69 are needed to clear the way towards 0.8535 / 20. An eventual move below here may see a drop to the ‘measured target’ from the 2020 high at 0.8430 “.
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