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.)
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
