Daily Pivots: (S1) 0.8887; (P) 0.8915; (R1) 0.8954; More…
Intraday bias in EUR/GBP remains on the upside as rebound from 0.8722 is in progress. Further rise would be seen to 61.8% retracement of 0.9097 to 0.8722 at 0.8954 and above. On the downside, however, break of 0.8868 minor support will argue that the rebound might have completed. Intraday bias will then be turned back to the downside for 0.8722 low.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.
