Daily Pivots: (S1) 0.8742; (P) 0.8786; (R1) 0.8812; More…
EUR/GBP’s fall resumed by breaking 0.8763 and reaches as low as 0.8749 so far. Intraday bias is back on the downside. Current fall form 0.9101 should target 0.8620/55 support zone. We’d expect strong support from there to bring near term reversal. On the upside, break of 0.8862 resistance is needed to indicate short term bottoming. Otherwise, further fall is still expected 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). 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.
