Daily Pivots: (S1) 0.8517; (P) 0.8525; (R1) 0.8542; More….
Intraday bias in EUR/GBP is turned neutral with current recovery. IN case of another fall, strong support should be seen from 100% projection of 0.8624 to 0.8530 from 0.8591 at 0.8497, which is close to 55 D EMA (now at 0.8494), to complete the correction from 0.8624. Break of 0.8591 resistance will argue that rise from 0.8382 is ready to resume through 0.8624.
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.
, to complete the correction from 0.8624. Break of 0.8591 resistance will argue that rise from 0.8382 is ready to resume through 0.8624.){kind=link}