EUR/GBP has breached the low of April and is now probing downside projections of 0.8460. Economists at Société Générale expect the pair to fall to 0.8400 next while EUR/GBP stays below the 50-day moving average (DMA) at 0.8560.
Downward momentum is prevalent
“Daily MACD is anchored in negative territory which denotes downward momentum is prevalent and signals of a rebound are still not visible.” “Overcoming 50-DMA at 0.8560 will be essential for a short-term bounce.”
“Failure to cross the 0.8560 level can result in continuation of decline towards next projections at 0.8400 and February 2020 low of 0.8280.”
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