EUR/GBP tests support at 0.8370 as technical indicators confirm a bearish trend within a multi-month descending channel, according to Societe Generale.
The EUR/GBP pair is currently exhibiting significant downward momentum, having breached the critical July support level. According to Societe Generale analyst Kenneth Broux, the pair is now testing the lower boundary of a multi-month descending channel, specifically targeting the 0.8370 to 0.8355 support zone, which highlights persistent weakness in the Euro relative to the British Pound.
The pair is testing support at the lower end of a multi-month descending channel near the 0.8370/0.8355 range.
It indicates an extension of the pair's decline and continued weakness of the Euro against the Pound.
The EUR/GBP pair has extended its recent decline, breaching the July low to test critical support levels between 0.8370 and 0.8355. Societe Generale analyst Kenneth Broux highlights that the pair remains trapped within a multi-month descending channel, signaling persistent bearish momentum for the Euro against the Pound.
The pair is in a bearish trend, having broken its July low and currently testing support at the lower boundary of a multi-month descending channel near 0.8370.