Daily Pivots: (S1) 0.8538; (P) 0.8554; (R1) 0.8575; More…
Intraday bias in EUR/GBP remains neutral as consolidation from 0.8474 is in progress. More sideway trading could be seen. But with With 0.8676 resistance intact, further decline is expected. Firm break of 0.8474 will resume larger down trend to 0.8416 long term projection next. However, on the upside, decisive break of 0.8676 will indicate short term reversal and bring further rise to 0.8840 resistance.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline is now targeting 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.
