EUR / GBP holds a short-term bottom above 0.9007, but Credit Suisse analysts see the current strength as temporary with resistance at 0.9150 / 65, which should ideally slow the gains.
Key statements:
“EUR / GBP has held the support of its 55-day rising average and with a small base above the September downtrend and the mid-November high of 0.9001 / 07, further strength is still likely in the short run. term. However, our bias is still seeing this phase as temporary before an eventual dip to retest 0.8866 / 61 ”.
“Support at 0.8983 may hold immediate bullish risk with key resistance seen at the ‘measured base target’ at 0.9150. With the October high just above 0.9165, we would look for a major new limit here to keep the risk of the recent bounce being the ‘right shoulder’ to a larger top. “
“Below 0.8983, the base should be neutralized for a drop towards 0.8929, with this seen as the barrier to a retest of 0.8666 / 61, an eventual break here would confirm the existence of a major top“.
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