EUR/GBP: Further upside to unfold in the medium-term – Credit Suisse

EUR/GBP has broken key resistance at 0.8746/19. Economists at Credit Suisse expect the pair to enjoy further upside.

Immediate support seen at 0.8721

“We expect further upside to unfold in the medium-term, with next significant resistance seen at the neckline to the late 2020 top and the 61.8% retracement at 0.8861/76, a clear break above which would support strength to the 78.6% retracement and psychological resistance at 0.9000/58.”

“Immediate support is seen at the broken YTD high at 0.8721 and then further below at the recent low at 0.8624, with only a break below here raising concern of a false breakout.”