EUR/GBP Consolidates, Eyes Breakout Above Key Resistance

The British Pound remains under pressure against the Euro, according to Societe Generale's analysts. EUR/GBP has rebounded sharply since forming an interim low near 0.8450 in July, but the recovery has stalled around 0.8585.

This consolidation is happening within a narrow range, with 0.8530 serving as short-term support and 0.8585/0.8610 as key resistance levels. The 200-DMA near 0.8660/0.8690 also caps the broader upside potential.

A break above 0.8585 would confirm a broader recovery towards the graphical level of 0.8610, representing the low of May and potentially even towards the 200-DMA at 0.8660/0.8690.