EUR/GBP’s Diapason Prevails

Technical Reports

Trading tone of the cross is neutral. Trading inside of diapason prevails. If 0.8928 resistance holds, short term forecast stays slightly bearish. Strong breach of 0.8686 will expand the intact fall from 0.9305. Following pivot points include: (S1) 0.8798; (P) 0.8838; (R1) 0.8899.

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.