EUR/GBP undergoing a choppy consolidation - SocGen

Analysts at Societe Generale explain that the EUR/GBP has been undergoing a choppy consolidation roughly within the January/March high of 0.88 and the graphical support of 0.8360/30, which also corresponds to the base of a multi-month triangle.

Key Quotes

“This remains a key level, and only a break below will indicate the possibility a larger down trend. In the short term, the pair is likely to recover towards 0.8610, the 61.8% retracement from the March high, with the next hurdle at 0.88.”