FXStreet reports that analysts at Credit Suisse note that EUR/GBP has completed a bearish “reversal day” to throw a serious question mark over the base with a break below 0.8626/21 needed to confirm the risk has indeed turned lower again.

“Below 0.8626/21 is still needed to confirm the base has indeed been negated as this would also see a small top completed for a retreat back to 0.8578 initially. Whilst we would look for an initial hold here and eventual break should see a move back to the 0.8471/65 April low and then the ‘measured objective’ from the long-term top at 0.8430.” 

“Resistance is seen at 0.8651 initially, with a break above 0.8674 needed to ease the immediate downside bias for a move back to 0.8699, then 0.8722."