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EUR/GBP is undergoing a pause - SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Research Team at Societe Generale, suggests that after having achieved 0.7750 levels, EUR/GBP has been undergoing a pause.

    Key Quotes

    “The pair has sustained above the confirmation level of the double bottom and inverted H&S at 0.75/0.7450 which remains an important support. Recently, the pair has rebounded after testing a multi month trend support (currently at 0.76) and is now closing in on January highs of 0.7750.

    It is noteworthy that it has completed a typical 3-year down cycle earlier and further recovery
    looks on cards however a break beyond 0.7750 will be needed to signal a larger pullback towards September 2014 highs of 0.8070/0.81.”
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