Daily Pivots: (S1) 0.8833; (P) 0.8852; (R1) 0.8878; More…
Intraday bias in EUR/GBP remains neutral first and further decline is expected with 0.8917 resistance intact. Firm break of 100% projection of 0.9291 to 0.8861 from 0.9229 at 0.8799 will indicate downside acceleration for 0.8670 support, as part of the corrective pattern from 0.9499. However, break of 0.8917 will indicate short term bottoming, and turn bias to the upside for stronger rebound.
In the bigger picture, 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).
