EUR/GBP: Deeper Drop Is Not Excluded

Technical Reports

Stance of trading is neutral with a corrective pull back from 0.8994. Trading above 0.8994 will aline resistance 0.9097. The decline from 0.9097 has completed at 0.8847. Following pivot points include: (S1) 0.8848; (P) 0.8884; (R1) 0.8908.

Overcoming of resistance 0.9097 will indicate resumption of the growth from 0.8620 towards high 0.9305. Overcoming of 0.8847 will bring deeper decline to 61.8% retracement of 0.8620 to 0.9097 at 0.8802.

The cross remains 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.