Daily Pivots: (S1) 0.8919; (P) 0.8975; (R1) 0.9004; More…
Outlook in EUR/GBP remains unchanged for now. We’d still expect strong support from 0.8891/9051 support zone to bring rebound. On the upside, break of 0.9148 will turn bias back to the upside for retesting 0.9324. However, sustained break of 0.8891 will target 61.8% retracement of 0.8472 to 0.9324 at 0.8797 and below.
In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and 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 0.8891 support holds, in case of deep pull back. However, sustained break of 0.8891 will dampen this bullish view and focus would be back on 0.8472 key support.
