Daily Pivots: (S1) 0.8668; (P) 0.8687; (R1) 0.8709; More…
Intraday bias in EUR/GBP is turned neutral with 4 hour MACD crossed above signal line. On the downside, below 0.8666 will target 0.8617/20 key support zone. We’d look for strong support from there to bring rebound. On the upside, above 0.8762 minor resistance will turn bias back to the upside. Further break of 0.8440 will extend the rebound to 61.8% retracement of 0.9101 to 0.8617 at 0.8916 instead.
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 breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.
