EUR/GBP: A move beyond 0.8660 could trigger a bounce towards 0.8690/0.8725 – SocGen

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9 August 2023

EUR/GBP: A move beyond 0.8660 could trigger a bounce towards 0.8690/0.8725 – SocGen

Economists at Société Générale analyze EUR/GBP technical outlook.

Defending 0.8550 can lead to continuation in phase of rebound

EUR/GBP formed an interim low near 0.8500 last month and has overcome the 50-DMA denoting prevalence of upward momentum in the short term.

The recent low of 0.8550 is important support. Defending this can lead to continuation in the phase of rebound.

A move beyond 0.8660, the 76.4% retracement from the recent pivot high could mean a bounce towards a multi-month trend line near 0.8690/0.8725.

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