Daily Pivots: (S1) 0.8972; (P) 0.8983; (R1) 0.9002; More…
EUR/GBP’s break of 0.9000 suggests resumption of rebound from 0.8670. Intraday bias is back on the upside for 61.8% retracement of 0.9499 to 0.8670 at 0.9182 and above. For now, break of 0.8880 support is needed to indicate completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.
In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
