Development of EUR/GBP’s Recoil
The recoil from 0.8686 is developing and EUR/GBP is expected to keep growing. If 0.8928 resistance stands, prognosis remains bearish and further decline is projected. Following pivot points include: (S1) 0.8769; (P) 0.8793; (R1) 0.8819.
Sustained breach of 0.8686 support will enlarge the intact drop from 0.9305. The cross should align 61.8% retracement of 0.8312 to 0.9305. Larger fall will head towards a repeat test of 0.8303/8312 support region.
Strong breach of 0.9304/5 should 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.