EUR/GBP is approaching the 0.8600 level. The economists of Societe Generale They analyze the pair's technical prospects.
Last week's low at 0.8530 is short-term support
EUR/GBP recently defended last August's low near 0.8490 and evolved within a small base. It has crossed above the upper boundary, denoting bullish potential. So far, the move has remained contained near the 200-DMA at 0.8610, which is also a multi-month trend line.
The daily MACD has entered positive territory for the first time since January, highlighting the recovery of bullish momentum.
Once the pair settles above 0.8610, the bullish move is likely to extend. In such a scenario, the next target could be 0.8665the decline of 61.8% since November 2023.
He Last week's low at 0.8530 is short-term support.
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.
