Daily Pivots: (S1) 0.8885; (P) 0.8907; (R1) 0.8926; More…
With 0.8956 minor resistance intact, intraday bias in EUR/GBP stays mildly on the downside despite diminishing downside momentum. As noted before, corrective rise from 0.8620 could have completed at 0.9097 already. Current fall should target 61.8% retracement at 0.8802 and below. On the upside, above 0.8956 minor resistance will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 0.9051 resistance holds.
In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.
