EUR/GBP’s Temporary Minimum

The cross created a temporary minimum at 0.8742. Trading character is neutral. Recoil from 0.8312 might have concluded at 0.8948. Larger decline is possible. Following pivot points include: (S1) 0.8758; (P) 0.8778; (R1) 0.8811.

Under 0.8742, EUR/GBP will head towards 38.2% retracement of 0.8312 to 0.8948 at 0.8705. Breach will then align 61.8% retracement at 0.8555. If 0.8948 resistance stands, bigger drop 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.