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EUR/GBP: Pullbacks should be confined to 0.75/0.7450 levels - SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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.”
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