Daily Pivots: (S1) 0.9016; (P) 0.9083; (R1) 0.9181; More…
EUR/GBP’s rally is still in progress and intraday bias remains on the upside. Rise from 0.8276 should target a test on 0.9324 high. On the downside, break of 0.8842 is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat.
In the bigger picture, there are various interpretations in medium term price actions from 0.9263 (2016 high). We’re currently favoring the case that it’s a consolidation pattern with fall from 0.9324 to 0.8276 as the third leg, due to the strong impulsive rally from 0.8276. Decisive break of 0.9324 will confirm resumption of whole up trend from 0.6935, for 0.9799 (2008 high). This will remain the favored case as long as 0.8276 support holds.
