EUR/GBP’s Temporary Bottoming
Larger drop towards 61.8% retracement of 0.8312 to 0.9305 at 0.8691 and lower is anticipated if the entire 0.8884 minor resistance holds. Decrease from 0.9305 is a part of consolidation pattern from 0.9304. Following pivot points include: (S1) 0.8748; (P) 0.8778; (R1) 0.8798.
Breach of 0.8884 minor resistance will confirm a temporary bottoming and trading will turn up on the upside towards 55 day EMA.
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.