EUR/GBP: Key support at 0.8874/66 highly vulnerable, 0.8845/43 next – Credit Suisse

Below 0.8874/64, the EUR/GBP pair can see the uptrend broken with next support at 0.8845/43, analysts at Credit Suisse inform.

Key quotes

“The completion of a bearish ‘outside day’ on Friday leaves EUR/GBP seeing a retest of key support from the ‘neckline’ to its April base and uptrend from February at 0.8874/64. A break below here would suggest we are seeing a more important turn lower with support then seen next at the 55-day average at 0.8845/43. Beneath here would then see a top confirmed also to clear the way for further weakness with support seen next at 0.8818 – the 61.8% retracement of the April/May rally – then 0.8760/51.” 

“Above 0.8920/30 is needed to ease the pressure off the uptrend with resistance then seen next at 0.8952, then 0.8989.”