EUR/GBP decline has stalled after forming interim trough near 0.8400 recently, Société Generale FX strategists note.
A fall towards 0.8350/0.8340 is possible
“Daily MACD has been posting positive divergence denoting receding downward momentum, but signals of a meaningful rebound are not yet visible. The 50-DMA near 0.8465 is first layer of resistance; this must be overcome to confirm a larger bounce. Inability could mean risk of deeper pullback.”
“Break below 0.8400 can result in next leg of down move towards 0.8380 and perhaps even towards next projections at 0.8350/0.8340.”
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