EUR/GBP: Support at 0.8520 to hold for a consolidation phase - Credit Suisse

FXStreet reports that EUR/GBP momentum is slowing ahead of a cluster of Fibonacci supports at 0.8543/20, including the 38.2% retracement of the entire 2015/2020 bull trend and economists at Credit Suisse look for this to hold for now.

“With momentum now slowing we continue to look for the 38.2% retracement of the entire 2015/2020 bull trend at 0.8520 to hold at first for a consolidation/recovery phase.” 

“Big picture, we look for a break in due course which should then see a move to the ‘measured objective’ from the large ‘head & shoulders’ top at 0.8430, and now we think an eventual test of the key 0.8281/39 lows of 2019 and 2020.”