Daily Pivots: (S1) 0.8349; (P) 0.8382; (R1) 0.8407; More…
EUR/GBP retreated after hitting 0.8415 and intraday bias is turned neutral first. Rise from 0.8282 might be the third leg of the consolidation pattern from 0.8276. Above 0.8415 will target 55 day EMA (now at 0.8473) and above. Nevertheless, decisive break of 0.8276 will confirm resumption of whole fall from 0.9324.
In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8595 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 bring stronger rebound.
