EUR/GBP On The Downside

Technical Reports

Trading of the cross is on the downside. The drop from 0.8967 is extending. EUR/GBP should align 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621. Firm breach in that zone will head towards 100% projection at 0.8407. Following pivot points include: (S1) 0.8700; (P) 0.8677; (R1) 0.8712.

Over the minor resistance of 0.8670, trading will turn up in the neutral position. While 0.8796 resistance is present, the prognosis remains bearish.

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.