EUR/GBP: Deeper Drop Is Not Excluded

Technical Reports

Trading is still on the downside for support 0.8722, but above minor resistance 0.8800 trading will become neutral. Following pivot points include: (S1) 0.8730; (P) 0.8753; (R1) 0.8768.

Further fall is expected while minor resistance 0.8804 keeps. Overcoming of support 0.8722 will point out resumption of the whole decline from 0.9097 for support 0.8620.

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.