EUR/GBP Pulled Back

Technical Reports

The cross jumped to 0.8796 but then didn’t manage to exceed 38.2% retracement of 0.8967 to 0.8666 at 0.8781 and eventually pulled back. Trading became neutral. EUR/GBP hit the key support of 0.8686. Another recoil is quite likely. Following pivot points include: (S1) 0.8736; (P) 0.8766; (R1) 0.8789.

Over 0.8796, the cross will head towards 61.8% retracement at 0.8852 and higher. Sustained breach of 0.8666 will extend the fall from 0.9305 and align the key support area of 0.8303.

Sustained breach of 0.9304/5 will indicate restoration of an uptrend. Diapason trading will resume with a possibility of larger decline. EUR/GBP might align a repeat test of 0.8303 level. Firm support from the cluster support of 0.8116 should restrain downside.