Daily Pivots: (S1) 0.8877; (P) 0.8908; (R1) 0.8932; More…
Intraday bias in EUR/GBP remains neutral at this point. We’re holding on to the view that pull back from 0.9097 has completed at 0.8847 already. And, the choppy fall from 0.8994 is a corrective move. On the upside, above 0.8994 will target 0.9097 resistance first. Firm break there will resume the rise from 0.8620 towards 0.9305 high.
In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.
