Recoil Of EUR/GBP Has Completed

Technical Reports

Trading is on the downside for support 0.8679, as overcoming of 0.8760 points out completion of the bounce from 0.8620 at 0.8844. Following pivot points include: (S1) 0.8736; (P) 0.8773; (R1) 0.8792.

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.