Daily Pivots: (S1) 0.8705; (P) 0.8738; (R1) 0.8765; More…
EUR/GBP formed a temporary top at 0.8766 and retreated. Intraday bias is turned neutral first. Another rise is mildly in favor with 0.8678 minor support intact. On the upside, break of 0.8766 will target 38.2% retracement of 0.9101 to 0.8617 at 0.8802. Break will target 61.8% retracement at 0.8916. On the downside, however, break of 0.8678 minor support will turn bias back to the downside for 0.8620 key support. Decisive 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.
