Research Team at Societe Generale, suggests that after completing a typical three-year down move last year, EUR/GBP achieved key support at 0.70/0.68 near a multi-year descending channel. Key Quotes “Since then, it has rebounded. This phase of recovery has been backed by confirmation of bullish formations (double bottom, inverted H&S). The monthly RSI has breached above a resistance, which suggests the possibility of further recovery. The pair recently tested the median of the aforementioned channel at 0.79/0.7940 and is now undergoing a pause. 0.75/0.7450 should cushion any down move. Eventually, the recovery should persist towards 0.8070/0.81, the target for the patterns.” For more information, read our latest forex news.