EUR/GBP Pulled Back

Technical Reports

The cross didn’t manage to exceed 0.8844 and eventually pulled back. Due to breach of 0.8776 minor support, trading became neutral. Further increase is likely with the 0.8693 support. Following pivot points include: (S1) 0.8766; (P) 0.8802; (R1) 0.8829.

Breach of 0.8844 will expand the recoil from 0.8620 to the cluster resistance of 0.8967. Breach of 0.8693 will cause larger decline to repeat test of 0.8620 minimum.

The fall from 0.9305 is a part of consolidation from 0.9304, which could extend further. If firm rally occurs, firm resistance of 0.9304/5 will bound upside. Sustained support from the cluster support of 0.8116 is expected to restrain downside.