Daily Pivots: (S1) 0.8782; (P) 0.8827; (R1) 0.8853; More
EUR/GBP is holding above 0.8756 support for the moment and intraday bias stays neutral. Further rise is still expected as long as 0.8756 support holds. Above 0.8948 will extend the rise from 0.9312 to retest 0.9304 high. However, firm break of 0.8756 will indicate near term reversal and turn bias to the downside.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.
