EUR/GBP’s Reversal

Technical Reports

The recoil from 0.8686 moved upwards. The cross is limited inside of 0.8686/8928 diapason. Trading condition is neutral. If the intact 0.8928 resistance is present, the projection remains bearish. Sustained breach of 0.8686 will extend the whole fall from 0.9305. Following pivot points include: (S1) 0.8821; (P) 0.8847; (R1) 0.8882.

The level of 61.8% retracement of 0.8312 to 0.9305 is about to be reached. Larger decrease will head towards repeat test of 0.8303/8312 support area. Breach of 0.8928 will mark short term reversal, and prognosis will become bullish to 0.9304 resistance.

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.