EUR/GBP’s Short Term Top

Technical Reports

Trading character of the cross is neutral till consolidation under the short term top of 0.8994. 0.8828 minor support should restrain the downside of a pull back and draw further rally. Following pivot points include: (S1) 0.8924; (P) 0.8942; (R1) 0.8957.

Breach of 0.8994 will prolong the intact lift from 0.8312 to the maximum of 0.9304. The case of an uptrend restoration hasn’t been confirmed yet. Strong resistance from 0.9304 might bound the upside and lead to further decline.

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.