EUR/GBP’s Upside Trading
Trading of the cross stays on the upside. Decline from 0.9305 must have concluded at 0.8745. Strong breach of 55 day EMA will head towards a repeat test of 0.9305 key resistance. Following pivot points include: (S1) 0.8888; (P) 0.8910; (R1) 0.8948.
Under 0.8745, the decrease from 0.9305 will enlarge. 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.