EUR/GBP: Scope for a substantial rise to 0.8826/61 on a weekly close above March high of 0.8514 – Credit Suisse

EUR/GBP has seen a break above the 0.8514 prior YTD high to suggest an important base is in the process of being established. A weekly close above here would open up additional gains toward 0.8826/61, economists at Credit Suisse.

EUR/GBP forming an important base

“Assuming we see a weekly close above the 0.8514 March high, which we look for, this should confirm an important base is in place to clear the way for a more sustained recovery to 0.8601/18 initially and eventually back to 0.8826/61.”

“Support at 0.8366 now ideally holds.”