Daily Pivots: (S1) 0.9117; (P) 0.9140; (R1) 0.9167; More…
Intraday bias in EUR/GBP remains on the downside at this point. Corrective fall from 0.9324 is still in progress. But we’d expect strong support from 0.8891/9051 support zone to bring rebound. On the upside, break of 0.9157 will turn bias back to the upside for 0.9324 resistance first. However, sustained break of 0.8991 will target 61.8% retracement of 0.8472 to 0.9324 at 0.8797.
In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8891 support holds, in case of deep pull back.
