EUR/GBP’s Choppy Retreat

Trading of the cross became neutral due to a choppy retreat from 0.8948. Consolidation is anticipated. If 0.8756 support stands, further increase is likely. Following pivot points include: (S1) 0.8813; (P) 0.8881; (R1) 0.8924.

Over 0.8948 the lift from 0.9312 will head towards a repeat test of 0.9304 maximum. Resilient breach of 0.8756 will suggest short term reversal and trading will turn up on the downside.

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.