EUR/GBP edges lower by over 0.60% at the time of writting on Monday after breaking out of recent consolidation. Momentum indicators remain supportive, with the pair eyeing 0.8800 and higher levels, while 0.8645–0.8660 serves as near-term support, Société Générale’s FX analysts note.
Uptrend intact as EUR/GBP targets 0.8800
“EUR/GBP broke out from a brief consolidation last week resulting in extension of the rebound. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum.”
“If a short-term pullback develops, the lower limit of an ascending channel near 0.8660/0.8645 could be an important support zone. Next objectives are located at 0.8800, the upper boundary of the channel and projections at 0.8850/0.8875.”
(This story was corrected on July 28 at 12:12 GMT to reflect EUR/GBP recent price action in the headline and first paragraph.)
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