We expect this week’ macroeconomic is unlikely to support the GBP. Hence, EURGBP’s remains neutral; a cluster of finds between 0.8850-0.8830 its 200MA. Fresh catalyst needed to forecast further retracement to 0.8800 and 0.8730.
Before retracing to 0.8870 this morning, the cross traced out near-term price top at 0.8840 via the formation of a triple top pattern. The study has been propelling down, and the oscillator is remaining . Under these conditions, a move above 0.8940-0.8940 seems difficult.
Note that only a return above 0.8960 would ease downside pressures.