EUR/GBP Inside of Consolidation Pattern

Technical Reports

The cross is restricted inside of consolidation pattern from 0.8865. Trading condition is neutral. If further reduction occurs, 0.8639 support must fill the downside and draw recoil. Following pivot points include: (S1) 0.8771; (P) 0.8789; (R1) 0.8806.

Another increase is likely. Choppy breach of 0.8851 resistance will head towards a repeat test of 0.9304 maximum. Breach of 0.8639 should suggest 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.