EUR/GBP short-term pullback could be supported at 0.8660-0.8645 – Société Générale
|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.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.