British Pound: Upside momentum builds against Euro – Societe Generale

Societe Generale strategists note EUR/GBP has continued its pullback after failing at the 0.8610 graphical hurdle linked to the February and March troughs. The cross has slipped below the July lows, reinforcing prevailing downside momentum. They warn that inability to reclaim last week’s 0.8500 high could see the decline extend towards 0.8405 and 0.8370/0.8355.

Cross struggles to regain 0.8500

"EUR/GBP has extended its pullback after struggling to overcome the graphical hurdle at 0.8610, which corresponds to the February/March troughs."

"The pair has dipped below the July lows highlighting prevalence of downward momentum."

"Failure to reclaim last week's high at 0.8500 could result in a continuation of the decline."

"The next projections could be located at 0.8405 and 0.8370/0.8355."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)