Daily Pivots: (S1) 0.9020; (P) 0.9050; (R1) 0.9071; More…
Intraday bias in EUR/GBP stays neutral first. Further decline is expected as long as 0.9162 resistance holds. On the downside, break of 0.9024 will resume the decline from 0.9291 to 0.8866 support. Decisive break there should confirm completion of the whole choppy rebound from 0.8670. Though, break of 0.9126 will likely resume such rebound through 0.9291.
In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).
