EUR/GBP’s Bullish Convergence

Technical Reports

Pair’s recoil from 0.8688 moves upwards. According to bullish convergence in daily MACD, breach of 0.8866 resistance argues short term reversal. Trading turned up on the upside towards 0.8981 resistance. Following pivot points include: (S1) 0.8842; (P) 0.8860; (R1) 0.8892.

Firm breach will suggest conclusion of the intact fall from 0.9305. The cross will then align a test on 0.9304/5 key resistance. Under 0.8828 minor support trading turn up on the downside towards 0.8668.

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.