Daily Pivots: (S1) 0.8379; (P) 0.8436; (R1) 0.8466; More…
Intraday bias in EUR/GBP stays on the downside. Break of 0.8401 support will resume the whole decline from 0.8720. This will also affirm the case of rejection by 0.8697 fibonacci level. Deeper fall would be seen back to retest 0.8201 low. On the upside, above 0.8474 minor resistance will turn intraday bias neutral first.
In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.
