Daily Pivots: (S1) 0.8539; (P) 0.8565; (R1) 0.8597; More…
Intraday bias in EUR/GBP is turned neutral again with current recovery. On the upside, break of 0.8529 resistance will be the first sign that corrective fall from 0.8718 has completed. Intraday bias is turned back to the upside for 0.8670 resistance for confirmation. On the downside, below 0.8529 will resume the choppy fall to retest 0.8470 low.
In the bigger picture, price actions from 0.9499 are still seen 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. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.
