Daily Pivots: (S1) 0.8824; (P) 0.8858; (R1) 0.8878; More…
Intraday bias in EUR/GBP remains on the downside. Fall from 0.9101 would target 61.8% retracement of 0.8655 to 0.9101 at 0.8825. Sustained break there will pave the way back to 0.8655 support. On the upside, break of 0.8986 is needed to indicate short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.
