EUR/GBP eyes range breakout as momentum builds – Société Générale

EUR/GBP is testing the top of its multi-month range, with momentum still tilted higher. Holding above the 50-DMA at 0.8670 would keep the uptrend intact, targeting 0.8765 and potentially 0.8810/0.8825, Société Générale's FX analysts note.

Support at 0.8670 key for EUR/GBP upside

"EUR/GBP is probing the upper limit of its multi-month range. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum. If a brief pullback develops, the 50-DMA at 0.8670 could be first layer of support."

"Defence of this moving average may result in persistence of up move. The next objectives could be located at November 2023 high of 0.8765 and projections near 0.8810/0.8825."