EUR/GBP has maintained its recovery after defending the 200-day moving average, with the technical backdrop now favouring more upside if key resistance levels give way, Société Générale’s FX analysts note.
Key support at 0.8500/0.8480 underpins EUR/GBP
“EUR/GBP successfully defended the 200-DMA (0.8380) in May resulting in a steady bounce. The MA has started sloping upward which generally points towards regaining upward momentum.”
“The pair is unfolding a brief pause; recent pivot low of 0.8500/0.8480 is an important support near term. Overcoming June high of 0.8575 can lead to an extension in rebound towards 0.8610 and projections at 0.8640.”
