EUR/GBP stays trapped below key resistance at 0.8616/21. Nevertheless, trend-following indicators are turning higher and analysts at Credit Suisse stay firmly bullish.

Support at 0.8393 set to hold

“EUR/GBP maintains a large ‘diamond bottom’ base and whilst weekly MACD did not confirm a positive cross last week, this remains very close, with medium-term moving averages also close to a bullish cross higher.”

“Our bias remains for an eventual closing break above 0.8618/21, with next resistance at 0.8654/59 and beyond.”

“First support is seen at 0.8434/32, then the 55-day average just below 0.8416/0.8393, with fresh buyers expected here if reached.”