Daily Pivots: (S1) 0.8826; (P) 0.8880; (R1) 0.8916; More…
Intraday bias in EUR/GBP remains on the downside at this point. As noted before, rebound from 0.8722 has possibly completed at 0.8939, just ahead of 61.8% retracement of 0.9097 to 0.8722 at 0.8954. Deeper decline would be seen for 0.8722 low first. On the upside, above 0.8864 minor resistance will turn intraday bias neutral first. But further fall is in favor as long as 0.8939 resistance holds.
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.
