EUR/GBP’s Short Term Reversal

Technical Reports

The cross still lacks upside impulse from 4 hour MACD. Another increase is anticipated if the whole 0.8877 minor support is present. Breach of 0.8928 resistance argues short term reversal. The decrease from 0.9305 has concluded at 0.8686 as 61.8% retracement of 0.8312 to 0.9305 had been hit. Following pivot points include: (S1) 0.8893; (P) 0.8925; (R1) 0.8943.

Another surge should head towards 61.8% retracement of 0.9305 to 0.8686 at 0.9069. Strong breach in that zone will extend to repeat test of 0.9305 maximum. Under 0.8877 minor support, the bullishness will be muted and 0.8771 support will be aligned.

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.