EUR/GBP Pulled Back

Technical Reports

The cross has pulled back. It’s restricted inside of 0.8686/8928 diapason. Trading is still neutral. If the entire 0.8928 resistance is present, larger decline is expected. Sustained breach of 0.8686 will expand the intact fall from 0.9305. EUR/GBP should also reach 61.8% retracement of 0.8312 to 0.9305. Following pivot points include: (S1) 0.8778; (P) 0.8807; (R1) 0.8829.

Bigger decline should align a repeat test of 0.8303/8312 support area. Breach of 0.8928 will confirm short term reversal and the forecast 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.