EUR/GBP to tackle the 0.8460 mark on a slide below 0.85 – SocGen

EUR/GBP drops to a 14-week low and is nearing the 0.8500 level. A break opens up the 0.8460 mark, according to economists at Société Générale.

Signals of bounce still lacking

“EUR/GBP has consistently struggled to cross above the daily Ichimoku cloud (now near 0.8630) which denotes downside momentum is still prevalent.” 

“Low formed in April at 0.8460 is next support. If this is violated, the downtrend could extend.”