Trend Reversal In EUR/GBP Is Awaited
Stance of trading is neutral, as the cross retreated after hitting 0.8830. Following pivot points include: (S1) 0.8771; (P) 0.8796; (R1) 0.8834.
Overcoming of cluster resistance 0.8967 will confirm a near term trend reversal. Trading below 0.8760 will back to the downside for support 0.8679. Break of 0.8830 will renew the bounce from 0.8620 to 0.8967.
The fall from 0.9305 is a part of consolidation from 0.9304, which could extend further. Upside should be bounded by strong resistance from 0.9304/5. In case of another fall, strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) should contain downside.