Daily Pivots: (S1) 0.8777; (P) 0.8809; (R1) 0.8854; More…
Intraday bias in EUR/GBP remains neutral for consolidation above 0.8763 temporary low. Further decline is expected as long as 0.8927 support turned resistance holds. Below 0.8763 will target 0.8620/55 support zone. We’d expect strong support from there to bring near term reversal.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.
