EUR / GBP has completed a bearish “reversal week” to reaffirm a negative bias again, Credit Suisse analysts explain. They see possible a fall back to the lower end of the trend channel that has been in place since late February at 0.8450 / 43.
Key statements:
“EUR / GBP closed last week below the 0.8561 support and this has seen a bearish ‘reversal week’ established and with the market also below its 13-day EMA and 55-day SMA, which should reaffirm a broader negative bias again. “
“We maintain an immediate bearish bias with the support seen at 0.8505 / 01 initially, then the lower end of the trend channel that has been in place since late February and the current cycle low at 0.8450 / 43, with new support here expected for now. “
“Resistance is seen at 0.8551 initially, above which it can ease the immediate bearish bias for a rally back to 0.8591. Above here, however, it is necessary to clear the way for a move back to last week’s highs at 0.8610 / 15. “
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