EUR/GBP has breached the low of April and is now probing draw back projections of 0.8460. Economists at Société Générale count on the pair to fall to 0.8400 subsequent whilst EUR/GBP stays beneath the 50-day shifting common (DMA) at 0.8560.
See: EUR/GBP to plummet to 0.8280 on a damage beneath 0.8470 – ING
Downward momentum is prevalent
“Daily MACD is anchored in bad territory which denotes downward momentum is normal and alerts of a rebound are nonetheless now not visible.” “Overcoming 50-DMA at 0.8560 will be crucial for a non permanent bounce.”
“Failure to go the 0.8560 degree can end result in continuation of decline closer to subsequent projections at 0.8400 and February 2020 low of 0.8280.”