EUR/GBP Pulled Back

Technical Reports

The cross has slightly pulled back. Trading remains on the upside towards another rally. Breach of 0.8928 resistance argues a short term reversal. Fall from 0.9305 has ended at 0.8686 as it had reached 61.8% retracement of 0.8312 to 0.9305. Following pivot points include: (S1) 0.8894; (P) 0.8922; (R1) 0.8950.

Another recoil should align 61.8% retracement of 0.9305 to 0.8686 at 0.9069. Strong breach in that area will head towards repeat test of 0.9305 maximum. Under 0.8877 minor support, trading will turn up in the neutral position.

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.