EUR/GBP’s Recoil

Technical Reports

Recoil from 0.8686 is firm. But, the cross is bounded inside of 0.8686/8928 diapason. Trading is still neutral. If 0.8928 resistance stands, short term forecast stays slightly bearish. Choppy breach of 0.8686 will enlarge the intact fall from 0.9305. Following pivot points include: (S1) 0.8821; (P) 0.8847; (R1) 0.8882.

EUR/GBP should align 61.8% retracement of 0.8312 to 0.9305. Larger drop 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 till 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.