EUR/GBP is approaching the upper boundary of its multi-month range, with momentum still skewed to the upside. Holding above the 50-day moving average (DMA) at 0.8670 would support the ongoing uptrend, targeting 0.8765 and potentially 0.8810/0.8825, according to FX analysts at Société Générale.
Support at 0.8670 key for EUR/GBP upside
“EUR/GBP is probing the top of its multi-month range. Daily MACD remains in positive territory, indicating sustained upward momentum. If a short-term pullback occurs, the 50-DMA at 0.8670 could act as the first layer of support,” the analysts noted.
“Defence of this moving average may allow the uptrend to continue, with the next targets at the November 2023 high of 0.8765 and projections near 0.8810/0.8825.”
