EUR/GBP to head back lower towards the 0.8450/43 zone – Credit Suisse

The grind higher in EUR/GBP has come to an abrupt end. If the pair ends the week below the 0.8561 mark, a fall back to 0.8450/43 should be expected, according to the Credit Suisse analyst team.

See: EUR/GBP set to challenge the 0.8505/00 support – Commerzbank

A potential bearish “reversal week” sees the risk turn lower again 

“A potential bearish ‘reversal week’ will be confirmed on a close below 0.8561. This should then reassert a broader negative bias again for a fall back to 0.8505/01 initially, then the lower end of the trend channel that has been in place from late February and current cycle low at 0.8450/43, with a fresh hold here expected for now.” 

“A close above 0.8561 can see a bearish ‘reversal week’ averted but with a break above 0.8591 needed to ease the immediate downside bias for a test of 0.8610/15.”