Daily Pivots: (S1) 0.9248; (P) 0.9287; (R1) 0.9325; More…
Despite diminishing upside momentum as seen in 4 hour MACD, intraday bias in EUR/GBP remains on the upside with 0.9198 minor support intact. Larger up trend is likely resuming and next near term target is 100% projection of 0.8489 to 0.9051 from 0.8891 at 0.9453. On the downside, though, break of 0.9198 minor support will indicate short term topping and bring lengthier consolidations first.
In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target t 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 0.8891 support holds, in case of deep pull back.
