EUR/GBP: Bounce Has Completed

Technical Reports

Stance of trading is neutral, as retreat from 0.8844 argues completion of the bounce from 0.8620. Following pivot points include: (S1) 0.8769; (P) 0.8803; (R1) 0.8828.

Overcoming of 0.8679 will renew the fall from 0.9305 through minimum 0.8620. Trading above 0.8844 will revive near term bullishness for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963).

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.