Daily Pivots: (S1) 0.8933; (P) 0.8959; (R1) 0.8984; More…
A temporary top is in place at 0.8994 and intraday bias is turned neutral first. Corrective pull back from 0.9097 should have completed at 0.8847 and further rise is in favor. Above 0.8994 will target 0.9097 resistance first. Firm break there will resume the rise from 0.8620 towards 0.9305 high.
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.
