EUR/GBP buyers fall to the psychological support of 0.8500. The economists of Societe Generale They analyze the pair's technical prospects.
If 0.8580 is not exceeded, there is a risk of a new fall
EUR/GBP recently defended last August's low near 0.8490. So far, the bounce has remained contained near the 50-DMA at 0.8580.
The daily MACD has recorded a positive divergence denoting a reversal of the bearish momentum, but a break beyond 0.8580 would be crucial to confirm the upside in the short term. If it is not overcome, there is a risk of a new downward momentum.
A break below 0.8490 may extend the decline towards next projections at 0.8455/0.8440which is also the trend line connecting the December 2022 and July 2023 lows.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
