EUR/GBP is trading below the MA at 0.8380 – Société Générale

EUR/GBP attempted a cross above its 200-DMA earlier this month but has faced strong resistance near 0.8450 and has once again dipped below the MA (0.8380), Société Générale's FX analysts note. 

If a break above 0.8380 fails, there's a risk of continuation in pullback

"Interestingly, it has witnessed multiple failed breakouts above this MA since 2023 and the downtrend has gradually persisted after these failures. If the pair struggles to establish above 0.8380, there could be risk of continuation in pullback. Next short-term supports are located at 0.8320, the 61.8% retracement from February and 0.8285."