EUR/GBP: Above 0.8510/0.8530, a larger upside is likely – Societe Generale

EUR/GBP has crossed above the 200-DMA resulting in a steep up move, Societe Generale's FX analysts report.

Defence of 0.8375 is crucial for persistence in uptrend

"It is attempting a breakout from a multi-month consolidation. Upper limit of the descending channel drawn since 2023 at 0.8510/0.8530 is next potential resistance zone. If the pair establishes above this hurdle, a larger upside is likely."

"Next objectives could be located at projections of 0.8575 and last August high at 0.8625/0.8650. Defence of the MA at 0.8375 will be crucial for persistence in uptrend."