EUR/GBP is likely to take a break – SocGen

FXStreet – The currency pair EUR/GBP traded since last year, in a chart pattern similar to a triangle, said the market analysts of the French Bank Societe Generale. Recently, the support for 0,8360/30 has been successfully defended.

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This ensured a stable recovery and the currency pair is now down again at the upper end of the limit for 0,8680/0,8710, which is also the 76.4% Fibonacci Retracement from the March high. The longer the EUR/GBP is staying below it, the higher the chances of a break. The area around 0,8450, where also the 61.8% Fibonacci-Retracement settled, should put a stop to the price decline. The graphical level of ,088 remains a medium-term key resistance.

** FXStreet News Editorial, FXStreet**

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