The EUR / GBP rally turned out to be brief, to say the least, and the focus of attention has quickly reverted to the key Fibonacci supports at 0.8549 / 20, Credit Suisse analysts say. They point out that the favored scenario is that of a downward break.
Key statements:
“The rebound in EUR / GBP proved to be brief to say the least and the early gains seen yesterday have been aggressively reversed to a close back below the 13-day exponential average, turning the focus back to the key Fibonacci supports, starting at 0.8549 and extending to 0.8520, the 38.2% retracement of the entire 2015/2020 uptrend ”.
“With an existing roof in place, we continue to look for an eventual break below here in due course to see a move towards the ‘maximum measured target’ at 0.8430 and eventually we think of the key lows of 2019 and 2020 at 0.8281 / 39. “
“Resistance is moving at 0.8577 / 78 initially, with a close above 0.8597 needed to suggest that we can see more lateral ranges and a rally back to 0.8641, then 0.8659 / 69.”
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