EUR/GBP Recoil Went Upwards

The recoil from 0.8745 has moved upwards. Breach of 0.8998 suggests that decline from 0.9305 has finished. Trading of the cross is on the upside. Firm breach of 55 day EMA will align a repeat test of 0.9305 key resistance. Following pivot points include: (S1) 0.8857; (P) 0.8868; (R1) 0.8887.

Under 0.8745, the drop from 0.9305 will resume. It is also a part of consolidation pattern from 0.9304. Around 0.8303 support, a bottom should be formed.

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.