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Analysts at Credit Suisse expect the EUR/GBP pair to resume its uptrend with resistance seen at 0.9025/28 after breaking the 0.9013 level. 

Key quotes

“A clear break above the top of the recent ‘outside day’ high at 0.9013 remains needed to add weight to our view an important turn higher is indeed underway again with resistance then seen at 0.9025/28 initially, then the recent high and ‘measured base objective’ at 0.9056/57. Whilst a fresh rejection from here should be allowed for, above in due course can see resistance next at the 50% retracement of the March/April fall at 0.9086 and eventually at the 61.8% retracement at 0.9184.” 

“Support at 0.8948/40 now ideally holds to keep the immediate risk higher. A break can see a fall back to 0.8917, then 0.8888/82, potentially a retest of 0.8866/64.”

 

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