EUR/GBP Didn’t Manage To Hit Resistance

Technical Reports

Trading character is neutral. The cross didn’t manage to hit 0.8851 resistance. Trend reversal is so far unlikely. Following pivot points include: (S1) 0.8754; (P) 0.8817; (R1) 0.8862.

Breach of 0.8879 and stable trading over 0.8851 will head towards a repeat test of 0.9304 maximum. Breach of 0.8718 support will argue formation of a short term top and lead to larger retreat towards0.8639 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.