EUR/GBP’s Consolidation is Progressing
Trading character of the cross is neutral. The consolidation from 0.8865 is progressing. If further decrease occurs, resilient support from 0.8639 should fill the downside and lead to restoration of increase. Following pivot points include: (S1) 0.8731; (P) 0.8755; (R1) 0.8775.
Strong breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should argue formation of a short term top and cause larger retreat towards 0.8529 resistance turned support and lower.
Price behavior from 0.9304 is considered as a medium term corrective pattern. The bigger increase from 0.6935 isn’t ready to expand. Rejection from 0.9304 will enlarge the consolidation. Sustained breach of 0.9304 will head towards the maximum of 0.9799. If further fall occurs, firm support from 0.8116 should fill the downside and cause recoil.