Daily Pivots: (S1) 0.8876; (P) 0.8904; (R1) 0.8935; More…
Intraday bias in EUR/GBP remains on the upside for the momentum. The rise from 0.8620 is in progress for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). Decisive break should confirm completion of whole decline from 0.9305 and pave the way to retest this high. For now, near term outlook will remain cautiously bullish as long as 0.8815 support holds, in case of retreat.
In the bigger picture, EUR/GBP is staying in long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance from 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.
