EUR/GBP’s Uptrend Restoration

Technical Reports

If the whole 0.8898 minor support holds, trading of the cross stays on the upside. Actual rally should head towards a test on the 0.9304 maximum. Uptrend restoration is ruled out. Following pivot points include: (S1) 0.8943; (P) 0.8969; (R1) 0.8998.

Firm resistance from 0.9304 should bound upside and draw further decline. Under 0.8898 minor support trading will turn up in the neutral position. If 0.8742 support is present, near term prognosis stays 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.