EUR/GBP Daily Outlook

Technical Reports

Recoil was restricted under 0.8928 resistance and the impulse has softened further. EUR/GBP is holding inside of 0.8686/8928 diapason. Trading tone is neutral. If 0.8928 resistance stands, short term projection stays slightly bearish. Following pivot points include: (S1) 0.8812; (P) 0.8855; (R1) 0.8876.

Strong breach of 0.8686 will expand the intact fall from 0.9305. 61.8% retracement of 0.8312 to 0.9305 will be aligned. Larger drop will head towards repeat test of 0.8303/8312 support area. Breach of 0.8928 will argue 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.