EUR/GBP edges decrease by over 0.60% on the time of writting on Monday after breaking out of current consolidation. Momentum indicators stay supportive, with the pair eyeing 0.8800 and better ranges, whereas 0.8645–0.8660 serves as near-term help, Société Générale’s FX analysts observe.
Uptrend intact as EUR/GBP targets 0.8800
“EUR/GBP broke out from a quick consolidation final week leading to extension of the rebound. Each day MACD stays anchored inside constructive territory highlighting prevalence of upward momentum.”
“If a short-term pullback develops, the decrease restrict of an ascending channel close to 0.8660/0.8645 may very well be an necessary help zone. Subsequent aims are positioned at 0.8800, the higher boundary of the channel and projections at 0.8850/0.8875.”
(This story was corrected on July 28 at 12:12 GMT to replicate EUR/GBP current worth motion within the headline and first paragraph.)
