EUR/GBP to soar towards the April high at 0.8720 – SocGen

EUR/GBP has staged an impressive bounce from the lower limit of a multi-month channel near 0.8380. Economists at Société Générale believe that the pair could climb as high as the April peak of 0.8720.

Initial support seen at 0.8540

“Daily MACD has established itself within positive territory which points towards further upside.” 

“Ongoing up move is expected to persist towards the upper band of the channel at 0.8650/0.8660 with possibility to retest April high of 0.8720.” 

“First support is at 0.8540.”