EUR/GBP’s Recoil Pushed Upwards

Technical Reports

Recoil from 0.8732 has pushed upwards. Still, the cross remains inside of 0.8732/9032 diapason. Trading is still neutral. Larger fall prevails if the whole 0.9032 resistance is present. Following pivot points include: (S1) 0.8792; (P) 0.8840; (R1) 0.8889.

Breach of 0.8732 will extend the decline from 0.9305 and align 0.8303 key support level. Choppy breach of 0.9032 will mark conclusion ending of the fall from 0.9305. If that happens, trading will turn up on the upside towards a repeat test of 0.9305 key resistance.

Price behavior from 0.9304 can be corrective pattern. Strong breach of 0.9304/5 will argue uptrend restoration. Diapason trading with a possibility of further decline is threatening. Repeat test on 0.8303 is likely. Sustained support from 0.8116 accumulation of support will restrain the downside.