EUR/GBP's Retreat

Technical Reports

Break of 0.8992 minor resistance indicates ending of retreat from 0.9097 at 0.8937, after hitting support from short term rising channel. Trading is now on the upside to repeat test of 0.9097. Following pivot points include: (S1) 0.8932; (P) 0.8960; (R1) 0.8985.

Breach will resume deeper rally from 0.8620 for the maximum of 0.9305. While 0.8895 support is present, the forecast will stay bullish. Strong breach of channel support and breach of 0.8895 will confirm that intact lift from 0.8620 has concluded. Break of 0.8895 will imply reversal and bearish outlook.

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.