Larger Retreat Will Occur in EUR/GBP

Technical Reports

The cross is holding inside of consolidation from 0.8865. Trading stays neutral. If further reduction occurs, sustained support from 0.8639 should fill the downside and draw a lift restoration. Following pivot points include: (S1) 0.8775; (P) 0.8801; (R1) 0.8818.

Sharp breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should confirm short term topping and lead to a 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.