Daily Pivots: (S1) 0.8549; (P) 0.8611; (R1) 0.8659; More…
EUR/GBP’s decline accelerates to as low as 0.8540 so far. 61.8% projection of 0.9101 to 0.8617 from 0.8840 at 0.8541 is already met but there is no sign of bottoming. Intraday bias remains on the downside for long term projection target at 0.8416 next. On the upside, above 0.8596 minor resistance will turn intraday bias neutral and bring consolidation, before staging another fall.
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 resumed the falling leg from 0.9305 (2017 high). Next target is 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416. In this case, we’d expect strong support around 0.8312 to contain downside and bring rebound.
