Daily Pivots: (S1) 0.9191; (P) 0.9228; (R1) 0.9250; More…
EUR/GBP continues to lose upside momentum but further rise is still expected to 0.9305 key resistance next. On the downside, though, break of 0.9155 minor support will suggest short term topping. Intraday bias will be turned back to the downside for pull back into 0.8891/9051 support zone first.
In the bigger picture, current development confirms that corrective fall from 0.9305 (2017 high) has completed with three waves down to 0.8472. And, up trend from 0.6935 (2015 low) is ready to resume. Break of 0.9305 will target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8472 support holds.
