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- EUR/GBP: The risk turns lower with support seen at 0.8982 - Credit Suisse
EUR/GBP: The risk turns lower with support seen at 0.8982 - Credit Suisse
FXStreet notes that EUR/GBP has seen an aggressive rejection of its downtrend from mid-September at 0.9123 for the completion of a larger bearish “outside day” and analysts at Credit Suisse look for this to finally clear the way for a more sustained decline to 0.8982.
“The choppy tone remains as EUR/GBP quickly reverses Tuesday’s strength after rejecting its downtrend from mid-September, now at 0.9123 for the completion of a larger bearish ‘outside day’ and a close below the 55-day average.”
“We look for the pair to finally clear the way for a more sustained decline to 0.8982 next, the 50% retracement of the uptrend from late April, ahead of 0.8956 and then more important support from the trend channel low at 0.8930/29, where we would expect fresh buyers to show.”
“Bigger picture, below 0.8874/64 remains needed to mark a more important top.”
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