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EUR/GBP has continued higher after breaking out of its multi-month consolidation in October, setting an interim peak near 0.8820, Société Générale’s FX analysts note.
💡 DMK Insight
EUR/GBP’s breakout past 0.8820 is a game-changer for forex traders right now. This move signals a shift in sentiment, especially as the pair has been consolidating for months. Traders should note that this breakout could lead to further upward momentum, potentially targeting the next resistance level around 0.8850. If the pair holds above 0.8820, it might attract more buying interest, especially from institutions looking to capitalize on the bullish trend. On the flip side, if it retraces below this level, it could trigger stop-loss orders and lead to a quick pullback. Keep an eye on economic indicators from both the Eurozone and the UK, as any shifts in interest rate expectations could amplify volatility. Watch for any news that could impact the GBP, as it might affect the pair’s trajectory. The next few days are crucial; a sustained close above 0.8820 could solidify this bullish outlook.
📮 Takeaway
Monitor EUR/GBP closely; a hold above 0.8820 could lead to a push towards 0.8850, while a drop below may trigger selling pressure.
