EUR/GBP to plunge towards 0.8110 on a break below 0.8270 – SocGen
|EUR/GBP is challenging the lower limit of its range since 2016 at 0.8270. If the pair break under this level, additional losses towards 0.8110 could be witnenessed, analysts at Société Générale report.
Multi-month descending trend line at 0.8480 is an important resistance
“Weekly MACD is anchored within negative territory which denotes upside momentum is lacking. An initial bounce can’t be ruled out, however, recent peak at 0.8400 could cap upside.”
“Multi-month descending trend line at 0.8480 is an important resistance.”
“In the event 0.8270 gets violated, there would be a risk of a deeper decline towards 0.8220/0.8190, the 50% retracement from 2015 and 0.8110.”
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