EUR/GBP’s Short Term Reversal
Trading of the cross is still neutral. Under 0.8745 EUR/GBP will align 61.8% retracement of 0.8312 to 0.9305 at 0.8691 and lower. Drop from 0.9305 adds to consolidation pattern from 0.9304. Following pivot points include: (S1) 0.8833; (P) 0.8857; (R1) 0.8893.
Around 0.8303 support, a bottom can be created. 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.