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British Pound: Extends advance with Euro testing channel support - Societe Generale
Support near 0.8370/0.8355, at the lower boundary of a multi-month descending channel, is now being tested by EUR/GBP after its decline extended below the July low, according to Societe Generale’s Kenneth Broux. With the cross remaining below the 0.84 handle, Broux identifies 0.8430 as the first resistance level and cautions that the downtrend could continue if it cannot break above that level.
EUR/GBP edges towards key support levels
"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. Find out more.)
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