EUR/GBP is currently back-testing the broken uptrend line from mid-November 2015. We expect this former support-line now acting as resistance will be able to cap the upside for renewed downside pressure towards 0.7409.
Our long-term outlook shows a possible symmetrical triangle and if this count is correct, then wave D is unfolding.
Short-term we are looking for a peak near 0.8903 for a break below minor support at 0.8797 indicating a top in place for renewed downside pressure towards the triangle support-line near 0.7409.
R3: 0.9100
R2: 0.9019
R1: 0.8903
Pivot: 0.8797
S1: 0.8593
S2: 0.8271
S3: 0.8043
Trading recommendation:
Sell EUR long-term near 0.8903 or upon a break below 0.8797
