EUR/GBP: Short Term Bottoming Is Awaited
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) 0.8766; (P) 0.8788; (R1) 0.8802.
Overcoming of support turned resistance 0.8847 will point out 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.