EUR/GBP: Further Rise Is Not Excluded

Technical Reports

Trading tone is neutral, as the cross is staying in a range below 0.8931. Further rise is expected, considering support 0.8824. Following pivot points include: (S1) 0.8831; (P) 0.8850; (R1) 0.8864.

Overcoming of resistance 0.8939 will extend the growth from 0.8665 to resistance 0.9098. Trading below 0.8824 will indicate completion of the bounce from 0.8655 and trading back to the downside.

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.