EUR/GBP: Further consolidation likely - Lloyds

Analysts from Lloyds Bank point out that the EUR/GBP  pair is likely to continue in a range bound process in the short-term.

Key Quotes:

“EURGBP is in a range bound process, as GBP/USD continues to be primary driver of the cross. Further consolidatory price action is likely. The pair should be well supported by the 0.8250/35 area, with key trend support below at 0.8150-0.7950. Resistance on the day lies at 0.8485-0.8495, ahead of range highs at 0.8625/30.”

“Long term, in conjunction with the GBPUSD view above, we believe this move to the topside is the last within the correction from the 0.7000-0.6900 support region. Above 0.8700, sees next resistance in the 0.9000-0.9200 region.”