EUR/GBP's Bullish Forecast

Technical Reports

Trading tone of the cross is neutral. EUR/GBP is sticking inside of 0.8686/8928 diapason. If the whole 0.8928 resistance stands, the forecast remains slightly bearish. Decisive breach of 0.8686 will prolong the entire reduction from 0.9305. Following pivot points include: (S1) 0.8857; (P) 0.8883; (R1) 0.8929.

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