EUR/GBP: Right shoulder to a larger top. Targeting 0.8609 - Credit Suisse

Technical Analysis

Author: Adam Button | eurgbp

Credit Suisse on EUR/GBP

Credit Suisse on EUR/GBP

Credit Suisse discusses EUR/GBP technical outlook and sees a scope for the move lower to extend through 0.8609 early 2020 base.

"EURGBP weakness has accelerated following its rejection from resistance at .9096 and we remain of the view we may be seeing the construction of the "right shoulder" to a larger top. Indeed, further price support at .8931/29 has been removed with ease and we look for a retest of medium -term support at .8871/61, the key series of lows seen through 2020," CS notes. 

"Ultimately, this needs to be removed to see a major top established to mark a major turn lower, with support then seen next and initially at the April 2020 low at .8671, then 8609 - the "neckline" to the late 2019/early 2020 base," CS adds.

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