Drop In EUR/GBP Continues

Technical Reports

Trading is on the downside, as drop from 0.9097 continues for low 0.8620. The forecast will remain bearish in case of recovery. Following pivot points include: (S1) 0.8751; (P) 0.8800; (R1) 0.8827.

Overcoming of support turned resistance 0.8847 will needed indicate a short term bottoming. Break of low 0.8620 will resume whole downtrend from 0.9304. In that case, the cross will aline 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412.

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. As fall from 0.9303 extends, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 to 0.9304 at 0.8120.