EUR/GBP: Clear and closing break above 0.9056 points to 0.9184 – Credit Suisse

EUR/GBP has finally seen a decisive break above 0.9056/57 as expected to confirm the looked for bullish ‘triangle’ continuation pattern and analysts at Credit Suisse look for a resumption of the core uptrend from March, with next resistance seen at 0.9184 

Key quotes

“With daily MACD momentum having already turned higher a while ago we maintain our positive bias and continue to look for a sustained move higher and a resumption of the uptrend from March. Indeed, the cross is already above the 50% retracement of the March/April fall at 0.9086 to add weight to this view and we see resistance next at 0.9135/43 and then the 61.8% retracement at 0.9184.” 

“Whilst we would expect the 0.9184 level to cap at first, with our core bias for the EUR outright higher we look for a move above here in due course also, with resistance next at 0.9277.” 

“Support moves to 0.9080/75 initially, then 0.9024, with 0.9000 ideally holding to keep the immediate risk higher.”