Daily Pivots: (S1) 0.8988; (P) 0.9024; (R1) 0.9078; More…
EUR/GBP rebounded strongly again but it;’s still bounded in consolidation from 0.9086. Intraday bias stays neutral and outlook remains bullish with 0.8931 support intact. On the upside firm break of 0.9098 resistance will extend the whole rise from 0.8655 to 0.9304 key resistance next. However, considering bearish divergence condition in 4 hour MACD, firm break of 0.8931 will indicate near term reversal and target 0.8810 support and below.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). It should be in medium term rising leg for 0.9304. Meanwhile, in case of another fall, down side should be contained by 0.8620/55 support zone to bring rebound.
