Daily Pivots: (S1) 0.8549; (P) 0.8559; (R1) 0.8574; More….
EUR/GBP’s correction from 0.8624 extends lower today and deeper fall could be seen. But downside should be contained by 38.2% retracement of 0.8382 to 0.8624 at 0.8532 to bring another rally. On the upside, above 0.8567 minor resistance will turn bias back to the upside for retesting 0.8624. However, decisive break of 0.8532 will bring deeper fall to 61.8% retracement at 0.8474.
In the bigger picture, while the rebound from 0.8382 is strong, there is no confirmation of trend reversal yet. As long as 0.8643 resistance holds, down trend from 0.9267 could still resume through 0.8382 at a later stage. However, firm break of 0.8643 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
