Forex Flash: Poor UK growth means EUR/GBP selling may have peaked- Societe Generale

Senior FX Strategist at Societe Generale, Sebastien Galy notes that UK growth was confirmed as poor and the theme of selling EUR vs GBP may have now peaked.

He feels that this may be the case as we will most likely enter into a consolidation at the top range of his EUR/GBP valuation models in a battle for the ugliest. he writes, “We had suggested selling EURGBP topside to finance the downside EURUSD leg. That EURGBP leg has already done its job. Mr Carney will eventually try his best.”