EUR/GBP: Further Increase Is Expected
Trading is on the upside as the bounce from 0.8620 resumes. Further growth is expected to cluster resistance 0.8967 (50% retracement of 0.9305 to 0.8620 at 0.8963). Following pivot points include: (S1) 0.8821; (P) 0.8831; (R1) 0.8847.
Overcoming of cluster resistance 0.8967 will confirm a near term trend reversal. Break of support 0.8679 will point out resumption of the fall from 0.9305.
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.