EUR/GBP’s Consolidation is Progressing

Trading character of the cross is neutral. The consolidation from 0.8994 is progressing. 0.8828 minor support should restrain downside of a pull back and lead to further rally. Following pivot points include: (S1) 0.8900; (P) 0.8927; (R1) 0.8962.

Breach of 0.8994 will prolong the intact increase from 0.8312 to the maximum of 0.9304. The case of an uptrend restoration hasn’t been argued yet. Choppy resistance from 0.9304 might restrict the upside and draw 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.