EUR/GBP's Weak Downside Impulse

Technical Reports

Trading of the cross remains slightly on the downside as long as the minor resistance of 0.8956 holds. Downside impulse is weakening. Following pivot points include: (S1) 0.8885; (P) 0.8907; (R1) 0.8926.

Corrective surge from 0.8620 should have ended at 0.9097. Actual decline should align 61.8% retracement at 0.8802 and lower. Over the minor resistance of 0.8956, trading will become neutral. While 0.9051 resistance is present, the forecast would stay mildly bearish.

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.