Daily Pivots: (S1) 0.8516; (P) 0.8534; (R1) 0.8548; More…
Intraday bias in EUR/GBP stays neutral first and, with 0.8479 minor support intact, further rise is mildly in favor. Above 0.8595 will extend the rebound from 0.8276 to 38.2% retracement of 0.9324 to 0.8276 at 0.8676. However, firm break of 0.8479 will indicate completion of the rebound, and turn bias to the downside for retesting 0.8276 low.
In the bigger picture, decline from 0.9324 medium term top is till in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.
