EUR/GBP’s Uptrend Restoration

Firm breach of 0.8879 resistance suggests that increase from 0.8312 is progressing. Trading is on the upside. Another rally should head towards a repeat test of 0.9304 maximum. Following pivot points include: (S1) 0.8848; (P) 0.8890; (R1) 0.8966.

Uptrend restoration is so far unlikely. Sustained resistance from 0.9304 might lead to short term reversal. Breach of 0.8756 support should argue near term topping. If EUR/GBP backs down, prognosis remains bullish.

Price behavior from 0.9304 is considered as a medium term corrective pattern, which might be progressing. If further decline occurs, firm support from 0.8116 will fill the downside and cause recoil. The entire uptrend from 0.6935 should expand after the consolidation from 0.9304 ends.