EUR/GBP’s Consolidation is Progressing

Trading tone of the cross is neutral. The consolidation from 0.8865 is progressing. Further decline is anticipated. 0.8639 support must fill the downside and cause recoil. Following pivot points include: (S1) 0.8773; (P) 0.8789; (R1) 0.8815.

Another surge is possible. Firm breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should mark 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.