EUR/GBP: Close below 200-DMA at 0.8444 to reassert a sideways range again – Credit Suisse

EUR/GBP has finally suffered an aggressive fall. In the view of analysts at Credit Suisse, a close below its 200-day moving average (DMA) at 0.8444 can reassert a broader sideways trend again.

Key support is seen at 0.8444/32 with resistance at 0.8516/40

“A close below the 200-DMA and late May reaction low at 0.8444/32 would be seen to reassert a broader sideways trend again with support seen next at the 61.8% retracement of the March/June rally and mid -May low at 0.8401/.8393.”

“Resistance is seen at 0.8479 initially, above which can ease the immediate downside bias for strength back to 0.8516/40 but with fresh sellers expected here.”