Possible Recommencement in EUR/GBP

Trading of the cross is on the downside. According to bearish divergence in 4 hour MACD, recoil from 0.8312 might have finished at 0.8948. Following pivot points include: (S1) 0.8723; (P) 0.8770; (R1) 0.8796.

Larger decrease should head towards 38.2% retracement of 0.8312 to 0.8948 at 0.8705. Breach will then align 61.8% retracement at 0.8555. Over 0.8816 minor resistance trading will turn up in the neutral position and EUR/GBP will recommence. If 0.8948 resistance stands, larger decline prevails.

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.