Daily Pivots: (S1) 0.8926; (P) 0.8963; (R1) 0.9004; More…
EUR/GBP’s rebound from 0.8786 accelerated to high as 0.8999 and hit 38.2% retracement of 0.9324 to 0.8786 at 0.8992. Intraday bias stays on the upside. Sustained break of 0.8992 will bring stronger rise to 61.8% retracement at 0.9118 and above. On the downside, break of 0.8923 minor support will turn bias back to the downside for retesting 0.8786 low.
In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.
