EUR/GBP’s Trading Still Neutral

Technical Reports

The cross is sticking inside of consolidation under the near term top of 0.8994. Trading stays neutral. 0.8828 minor support should restrain the downside of a pull back and lead to further rally. Following pivot points include: (S1) 0.8913; (P) 0.8934; (R1) 0.8963.

Breach of 0.8994 will enlarge the entire increase from 0.8312 to the maximum of 0.9304. The case of an uptrend restoration hasn’t been proved yet. Firm resistance from 0.9304 might restrict the upside and cause further drop.

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.