Credit Suisse FX Technical Strategy Research notes that EUR/GBP has seen a strong rally since April this year and has reinforced a large base set above .8852 to achieve the next target at the November 2016 high at .9050.
“The extension above here keeps the risks directly higher for the 78.6% retracement of the October/December 2016 fall at .9142/68 next. Above here would see a price vacuum until our core target at .9400/14 – the measured objective from the base, and the October 2009/2016 spike highs.
We would look for a ceiling to be found here and above here is required to see a move on to the March 2009 high at .9482, then the January 2009 peak at .9649, ahead of the all-time record high at .9803,” CS projects.
Source: Credit Suisse Global Fixed Income Research
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here