EUR/GBP’s Recoil Restoration

Technical Reports

Choppy increase as well as breach of 0.8948 suggests restoration of entire recoil from 0.8312. Trading of the cross is on the upside. Following pivot points include: (S1) 0.8872; (P) 0.8924; (R1) 0.9017.

Actual lift should head towards a test on the maximum of 0.9304. Breach of 0.8742 support must confirm creation of a near term top. If EUR/GBP pulls back, another surge is expected.

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.