EUR/GBP: Deeper Fall Is Not Excluded

Technical Reports

Stance of trading is neutral for consolidation above 0.8722. Deeper drop is expected, considering support turned resistance 0.8847. Following pivot points include: (S1) 0.8776; (P) 0.8792; (R1) 0.8815.

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.