EUR/GBP is ready to hold support at 0.8530/11 to retest and break above 0.8722/47. Also, Credit Suisse analysts they expect the pair to enjoy an eventual rise towards “the neckline” and the 2020 high at 0.8861/76.
The broader grassroots process is seen as continuing
“We continue to view weakness as somewhat corrective. Breaking above 0.8638/45 may bolster our view of strength down to 0.8671/73, before retesting 0.8722/47. Beyond this point, in time, should bolster our view.” that a broader base process is underway, with resistance at “the neckline” of the 2020 high and a 61.8% retracement at 0.8861/76″.
“Below 0.8511 the uptrend would be broken, but only below 0.8489/81 would the broader trend be seen as changing back to neutral, with support at 0.8457/43.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
