Daily Pivots: (S1) 0.8688; (P) 0.8719; (R1) 0.8734; More…
Intraday bias in EUR/GBP remains on the downside. Current decline from 0.9098 should target 0.8620 support first. Break will target 100% projection o f0.9098 to 0.8722 from 0.8939 at 0.8563 next. On the upside, break of 0.8800 minor resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.
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.
