EUR/GBP needs to break above 0.9501 to clear the way for further strength – Credit Suisse

EUR/GBP has seen a volatile week. The pair broke psychological resistance at 0.9000/58 before reversing back below this level. In the view of economists at Credit Suisse, a break above 0.9501 is needed to raise the prospect of a longer-term move higher.

Support at 0.8722/0.8691 to hold further weakness

“We look for support at 0.8722/0.8691 to try and hold further weakness for strength in due course back to 0.9269/0.9292.”

“Only above the 0.9501 high of 2020 though would be seen to mark a more significant break higher to clear the way for further strength over the long-term, with the 0.9803 high of 2008 then just the next resistance test.”