Daily Pivots: (S1) 0.8831; (P) 0.8850; (R1) 0.8864; More…
EUR/GBP recovers after drawing support from 4 hour 55 EMA. But it’s staying in range below 0.8931 and intraday bias remains neutral. Further rally is expected as long as 0.8824 minor support holds. On the upside, firm break of 0.8939 resistance will target 0.9098 resistance next. However, break of 0.8824 will now suggest completion of the rebound from 0.8655. Intraday bias will be turned back to the downside for 0.8655 support instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Sustained break of 0.8939 resistance will confirm that it’s in a medium term rising leg for 0.9098 and above. And for now, in case of another fall, downside will likely be contained by 0.8620/55 support zone to bring rebound.
