BLBG: Euro May Receive Support at 87.64 Pence, Societe Generale Says
The euro must fall below a so-called resistance level against the British pound of 87.64 pence, created by the May 7 low, if it’s to decline as far as the February low of 86.38 pence, Societe Generale SA said.
A break below 87.64 “is needed to confirm the end of the upward consolidation which started in mid-April and the resumption of the decline initiated at 94.82 in mid-March,” Societe Generale technical analysts led by Hughes Naka in Paris wrote in a research report today.
The euro fell 0.3 percent to 88.14 pence as of 9:31 a.m. in London.
