EUR/GBP: Trend Reversal Is Awaited
Stance of trading is neutral, with a bearish near term forecast. Overcoming of 0.8847 will indicate a near term trend reversal and aline resistance 0.8994. Following pivot points include: (S1) 0.8781; (P) 0.8808; (R1) 0.8840.
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