Daily Pivots: (S1) 0.8922; (P) 0.8969; (R1) 0.9015; More…
Intraday bias in EUR/GPB remains neutral first and consolidation from 0.9054 might extend. But further rally is expected as long as 0.8866 support holds. Break of 0.9054 will resume the rebound from 0.8670 to 61.8% retracement of 0.9499 to 0.8670 at 0.9182. However, firm break of 0.8866 will indicate completion of the rise from 0.8670. Intraday bias will be turned back to the downside for retesting 0.8670 support.
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.
