Daily Pivots: (S1) 0.9101; (P) 0.9301; (R1) 0.9479; More…
A temporary top is formed at 0.9499 in EUR/GBP with current retreat. Intraday bias in turned neutral for some consolidations first. Further rise is expected with 0.9068 support holds. Break of 0.9499 will resume larger up trend for 0.9715 projection level. Nevertheless, break of 0.9068 will turn near term outlook neutral and bring more consolidations.
In the bigger picture, the strong break of 0.9324 (2016 high) confirms resumption of up trend from 0.6935 (2015 low). Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). But in any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.
