EUR/GBP: Close above key resistance at 0.8471/79 to see the core trend higher – Credit Suisse

EUR/GBP has surged higher after establishing a low at 0.8295. A close above 0.8479 should confirm an important change of trend higher, economists at Credit Suisse report.

Support at 0.8384 to hold for a move to resistance at 0.8550/55

“A close above key resistance from the February high and 200-day average at 0.8471/79 should confirm to see the core trend higher with resistance seen at 0.8595/0.8618 initially, December 2021 high and 38.2% retracement of 2020/2022 fall. Whilst we would look for this to cap at first, above in due course should see the ‘measured base objective’ at 0.8715.

“Support is seen initially at the ‘neckline’ to the base at 0.8462/52, with 0.8384 now ideally holding to keep the immediate risk higher.”