A basing process in underway for EUR/GBP, in the view of analysts at Credit Suisse, and the pair is set to hold support at 0.8581/50 for an eventual rise to the “neckline” to the 2020 top formation at 0.8861/76.

Support at 0.8550 set to hold 

“Key resistance remains seen at the recent and April 2021 high at 0.8722, with the 50% retracement of the fall from September 2020 at 0.8747. Beyond here in due course should then add weight to our view that a broader basing process is underway, with resistance seen next at the ‘neckline’ to the 2020 top and 61.8% retracement at 0.8861/76.” 

“Below 0.8550 can see the uptrend break sustainably for a fall back to next support at 0.8514/11, which coincides with the rising 55-day average, which we would look to hold if reached.”