EUR/GBP: Bulls set to retest 0.8465 – Societe Generale
|EUR/GBP can persist towards the 50-DMA at 0.8465 and the graphical levels of 0.8480/0.8500, Societe Generale FX strategists note.
Defence of recent pivot low at 0.8400 is crucial
EUR/GBP has rebounded after approaching the lower limit of a multi-month channel near 0.8380/0.8370. It has formed a bullish engulfing candlestick yesterday encompassing price action of previous seven sessions denoting exhaustion in down move.
The bounce could persist towards the 50-DMA at 0.8465 and the graphical levels of 0.8480/0.8500 representing lows of February; this could be an important hurdle. Defence of recent pivot low at 0.8400 is crucial for continuation in up move.
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