Not only does the EUR / GBP hold a base above 0.8643 / 65, but the close above 0.8574 on Friday is also a bullish technical factor, reinforcing the likelihood of a deeper recovery to 0.8732 initially, analysts say. Credit Suisse.
Key statements:
“The EUR / GBP not only maintains a base above the key resistance at 0.8643 / 65, the 23.6% retracement of the December / April dip, the second half of March highs and the 55-day average, but the market closed above 0.8574 on Friday, also setting a bullish ‘reversal week’ to further bolster a recovery story. “
“We remain biased to the upside and look for a move to 0.8732 below., and then follows the 38.2% retracement at 0.8761 “.
“In an overview, nor we would rule out a move back to the neckline to the mid-term top and the 50% retracement at 0.8851 / 61But this is expected to be a much tougher barrier. “
“Support moves to 0.8666 initially and then to 0.8646, with a break below 0.8526 / 21 needed to ease the immediate bullish bias for a retracement to 0.8578, but new buyers are expected here for now.”
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