EUR/GBP’s Trading Still Neutral
Trading of the cross stays neutral. Under 0.8745, EUR/GBP will align 61.8% retracement of 0.8312 to 0.9305 at 0.8691 and lower. Decrease from 0.9305 adds to consolidation pattern from 0.9304. Following pivot points include: (S1) 0.8802; (P) 0.8835; (R1) 0.8869.
Near 0.8303 support, a bottom can be formed. Breach of 0.8898 will suggest short term reversal 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.