Daily Pivots: (S1) 0.8549; (P) 0.8611; (R1) 0.8659; More…
Intraday bias in EUR/GBP remains on the downside at this point. Current decline is targeting 61.8% projection of 0.9101 to 0.8617 from 0.8840 at 0.8541. Break there will target 0.8416 projection level next. On the upside, break of 0.8653 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 0.8840 resistance to bring another decline.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, decisive break of 0.8620 support will resume the falling leg from 0.9305 (2017 high) to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416. In that case, we’d expect strong support around 0.8312 to contain downside and bring rebound.
