EUR/GBP weakness is slowing. Analysts at Credit Suisse look for a floor above support at 0.8585/57, with a break above 0.8832/52 needed to suggest the sell-off is over.
Close below 0.8657 would suggest a more concrete decline is underway“The decline is showing signs of slowing ahead of what we see as more important support at the rising 55-day average, September low and uptrend from August at 0.8585/57.
Resistance is seen at 0.8778 initially, with a break above 0.8832/52 still needed to suggest the worst of the sell-off may have been seen for strength back to 0.8973/81 initially.”“A close below 0.8657 though would suggest a more concrete decline is underway, opening the door to a test of the key rising long-term 200-day average, now at 0.8473.”
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