EUR / GBP has confirmed a large bearish shoulder-head-shoulder formation below 0.8861, turning the central trend to point south, for an eventual drop to 0.8609, reports the Credit Suisse team of analysts.
Key statements:
“EUR / GBP maintains its large“ shoulder-head-shoulder ”below medium-term support at 0.8871 / 61, where there are a series of lows and highs seen throughout 2020 and with resistance from the exponential average of 13 days still limiting, now seen at 0.8862, we are still looking for a more significant bearish turn ”.
Support is seen at 0.8795 / 91, below which should clear the way for a move to 0.8700 before the April 2020 low of 0.8671. While the latter support should be allowed to hold early, then in due course a move towards the neckline should be seen to the base of late 2019 / early 2020 at 0.8609 ”.
“Resistance initially moves at 0.8837, with 0.8862 now ideally limiting immediate downside risk. SHowever, it needs to exceed 0.8885 to increase the possibility of a short-term range“.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
