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Euro Probes Channel Support as British Pound Advances Further - Societe Generale
0.8370/0.8355 is the support zone in focus for EUR/GBP, according to Societe Generale’s Kenneth Broux. Having broken below the July low, the cross has fallen further and is testing the lower boundary of a multi-month descending channel. Broux identifies 0.8430 as the first resistance level. He cautions that failure to break above it could prolong the downtrend, leaving the cross below the 0.84 handle.
0.8370/0.8355 Support in Focus for EUR/GBP
"EUR/GBP has extended its decline after breaking the July low."
"The pair is now challenging the lower limit of a multi-month descending channel near 0.8370/0.8355, which could be a potential support zone."
"A brief rebound cannot be ruled out however the high achieved earlier this week at 0.8430 may act as first hurdle."
"An inability to overcome this resistance may lead to persistence in down move."
"EUR/GBP inside day but stays below 0.84 handle."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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