EUR/GBP to plunge towards 2019 and 2020 lows at 0.8239 and 0.8281 – Credit Suisse

EUR/GBP is moving to a new low for the year to finally confirm its long-looked for bearish “triangle” continuation pattern. Therefore, the door is open to a test of the 2019 and 2020 lows, analysts at Credit Suisse report.

EUR/GBP looks to have completed its long looked for bear “triangle” pattern

“EUR/GBP is moving below to new lows for the year below 0.8471 and we look for a sustained break to finally confirm the long looked for bearish ‘triangle’ continuation pattern.

“A sustained move below 0.8471 should clear the way for a test of the pivotal lows at 2019 and 2020 at 0.8239 and 0.8281 respectively. Whilst we would look for a fresh hold here, a break would see an even larger and more important multi-year top complete.”

“Resistance at 0.8558/76 now ideally caps.”