Daily Pivots: (S1) 0.8379; (P) 0.8410; (R1) 0.8465; More…
EUR/GBP’s rebound from 0.8282 resumed by taking out 0.8415 and reaches as high as 0.8449 so far. Intraday bias is back on the upside. Current rise is seen as the third leg of the consolidation pattern form 0.8276. Further rally would be seen to 0.8537/8595 resistance zone. On the downside, though, break of 0.8338 support will bring retest of 0.8276 low instead.
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 0.8595 will argue that fall from 0.9324 has completed and bring stronger rebound.
