Daily Pivots: (S1) 0.8944; (P) 0.8981; (R1) 0.9009; More…
EUR/GBP is staying in consolidation from 0.9086 and intraday bias remains neutral first. As long as 0.8931 resistance turned support holds, further rise is expected. On the upside, decisive break of 0.9098 resistance will extend the rise from 0.8655 to 0.9304 key resistance next. However, considering bearish divergence condition in 4 hour MACD, firm break of 0.8931 will indicate near term reversal and target 0.8810 support and below.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Sustained break of 0.8939 resistance will confirm that it’s in a medium term rising leg for 0.9098 and above. And for now, in case of another fall, downside will likely be contained by 0.8620/55 support zone to bring rebound.
