EUR/GBP’s Strong Decline

Technical Reports

There has been a strong decline from 0.8909. Still, the cross is restricted inside of 0.8686/8928 diapason. Trading character is neutral. If 0.8928 resistance holds, short term projection stays slightly bearish. Decisive breach of 0.8686 will expand the intact fall from 0.9305. Following pivot points include: (S1) 0.8742; (P) 0.8791; (R1) 0.8851.

EUR/GBP should head towards 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 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.