EUR/GBP is predicted to ascertain an eventual sustained break below the 38.2% retracement of the whole 2015/2020 bull trend at 0.8520, consistent with the Credit Suisse analyst team.
With the EUR now holding a large top as looked for we continue to look for an eventual sustained break below the 38.2% retracement of the entire 2015/2020 bull trend at 0.8520 for a fall to the ‘measured objective’ from the 2020 top at 0.8430. Whilst this might be allowed to hold initially , our broader bias would be for an eventual test of long-term support from the 2019 and 2020 low s at 0.8281/39. Removal of here would see a way larger and long-lasting top complete.
Initial resistance is seen at 0.8557, then the 13-day exponential average and price resistance at 0.8565/80, which we glance to now ideally cap. Only above 0.8641/46 though would mark a near-term base for a deeper recovery to 0.8659/69 initially.