EUR/GBP’s Restricting Consolidation
The cross is restricted inside of consolidation from 0.8865. Trading stance is neutral. If further drop occurs, sustained support from 0.8639 should fill the downside and cause restoration of increase. Following pivot points include: (S1) 0.8731; (P) 0.8755; (R1) 0.8775.
Sharp breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should suggest formation of a short term top and lead to bigger 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.