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The EUR/GBP pair is expected to see a clear break above 0.8641 to confirm a near-term base and a deeper recovery to the 55-day average at 0.8732/38, the Credit Suisse analyst team reports.

Key quotes

“A sustained move above the high of last week at 0.8641 should confirm for a deeper recovery to 0.8659/69 initially, then back to what we see as tougher resistance from the late February high and 55-day average at 0.8732/38. We would look for a fresh cap here and a resumption of the broader downmove.”  

“Near-term support moves to 0.8597. Below 0.8574/69 is needed to clear the way for a fresh look at 0.8535/20. An eventual move below here can see a fall to the ‘measured objective’ from the 2020 top at 0.8430.”