EUR/GBP has held support at 0.9000 as expected and analysts at Credit Suisse look for the trend to turn higher again for a retest of resistance at 0.9184.
“EUR/GBP has rallied strongly as expected after holding key price support at 0.9000, now also its uptrend from February and with a bull ‘triangle’ still in place and with our core bias for the EUR outright higher, we maintain our core positive outlook.”
“Resistance stays seen at 0.9082 initially, then 0.9146/48, above which can see a retest of 0.9178/84 – the (late) June high and 61.8% retracement of the March/April collapse. Beyond here in due course can see resistance next at 0.9277, then the 78.6% retracement at 0.9323. Beyond here can eventually expose the 0.9501 high for the year from March.”
“Near-term support moves to 0.9029, with 0.9001/00 ideally continuing to hold. Below would see the ‘triangle’ negated to see the broader risk turn sideways again with support seen next at 0.8966, then 0.8924.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.