Daily Pivots: (S1) 0.9183; (P) 0.9285; (R1) 0.9409; More…
EUR/GBP is staying in consolidation below 0.9499 and intraday bias remains neutral first. There could be another falling leg in the consolidation. But downside should be contained by 61.8% retracement of 0.8282 to 0.9499 at 0.8747 to bring rally resumption. On the upside, break of 0.9499 will resume larger up trend.
In the bigger picture, the 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.
