Daily Pivots: (S1) 0.8742; (P) 0.8786; (R1) 0.8812; More…
EUR/GBP’s decline continues today and reaches as low as 0.8705 so far. Intraday bias stays on the downside for 0.8620/55 support zone. We’d expect strong support from there to bring near term reversal. On the upside, above 0.8782 minor resistance will turn intraday bias neutral first. But break of 0.8862 resistance is needed to confirm 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.
