EUR/GBP to challenge tough resistance at 0.8730 – SocGen

EUR/GBP is now challenging the 200-day moving average (DMA) around 0.8650. Economists at Société Générale expect the pair to retest the 0.8670 level. Above here lies the 0.8730 mark, a stubborn resistance.

Near-term support seen at 0.8525 

“Daily MACD has crossed above its trigger and is in positive territory which denotes upside momentum is prevalent.”

“The EUR/GBP pair could revisit 0.8670 and the upper band of recent consolidation at 0.8730. This would be an important resistance.”

“0.8525 is near term support.”