Restoration of EUR/GBP’s Decline

The breach of 0.8773 indicates restoration of decline from 0.9305. Trading turned up on the downside towards 61.8% retracement of 0.8312 to 0.9305 at 0.8691 and lower. This drop is a piece of consolidation pattern from 0.9304. Following pivot points include: (S1) 0.8767; (P) 0.8803; (R1) 0.8830.

Features of a bottoming should appear around 0.8303 support and breach of 0.8884 minor resistance will mark creation of a near term bottom. If EUR/GBP recommences, prognosis remains bearish.

Price behavior from 0.9304 is considered as a medium term corrective pattern, which is extending. Breach of 0.8303 is expected. Firm support from 0.8116 will restrain the downside. Uptrend from 0.6935 should expand after the consolidation from 0.9304 ends.