EUR/GBP's Retreat

Technical Reports

The cross retreated but price dynamic from 0.9030 is viewed as correction. While 0.8854 support is present, short term forecast will remain bullish. Following pivot points include: (S1) 0.8972; (P) 0.8995; (R1) 0.9034.

Strong breach of 61.8% retracement of 0.9305 to 0.8620 at 0.9043 will prolong the intact increase from 0.8620 for repeat test of 0.9305 maximum.

The cross stuck inside of a long term diapason pattern from 0.9304. In case of another rally, sustained resistance from 0.9304/5 might bound upside. Firm support from 0.8303 would restrain downside if further medium term drop occurs.