EUR/GBP to skyrocket towards 0.8860 on a break above 0.86 – SocGen

EUR/GBP has rebounded from support of 0.8460/0.8450 representing projections for the down move. An erosion of the 0.86 level would open the path towards 0.8675 and may beyond, economists at Société Générale brief.

Failure at 0.8460/65 to negate the upside

“EUR/GBP has established itself above short-term Moving Averages and daily MACD has entered positive territory denoting potential upside.”

“A break above 0.8600 can result in a rebound towards 0.8675 and even towards graphical levels of 0.8860.”

“Consolidation above 0.8460/0.8450 will be crucial for further up move.”