Recovery Of EUR/GBP Should Be Limited
Trading is neutral for consolidation, as a temporary low was formed at 0.8722. Upside of recovery should be bounded below support turned resistance 0.8847. Following pivot points include: (S1) 0.8734; (P) 0.8755; (R1) 0.8780.
Trading below 0.8722 will widen the fall from 0.9097 for minimum 0.8620. 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.