Daily Pivots: (S1) 0.8616; (P) 0.8650; (R1) 0.8682; More…
Intraday bias in EUR/GBP remains neutral at this point, with focus on 0.8620 key support level. At this point, we’d continue to expect strong support from 0.8620 to contain downside to bring rebound. On the upside, above 0.8725 minor resistance will turn bias to the upside for 0.8763/8862 resistance zone first. However, sustained break of 0.8620 will resume larger decline from 0.9305 and target 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416.
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 breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.
