EUR/GBP’s Trading Is Still Neutral

Technical Reports

The cross remained inside of consolidation under 0.8865. Trading is still neutral. If further decline occurs, 0.8639 support must fill the downside and cause recoil.

Another surge is likely. Strong breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should point out formation of a short term top and lead to a 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.

More prospectively, price behavior from 0.9799 is considered as a long term correction and should have already finished at 0.6935. Additionally, lift from 0.6935 is possibly expanding the uptrend from 0.5680. Also, the impulsive makeup of the surge from 0.6935 to 0.9304 boosts that. That’s why, medium term uptrend that could align maximum of 0.9799 and higher would follow the conclusion of the consolidation from 0.9304.