Daily Pivots: (S1) 0.8757; (P) 0.8797; (R1) 0.8852; More…
Intraday bias in EUR/GBP remains neutral for the moment. We’d still expect strong support from 61.8% retracement of 0.8282 to 0.9499 at 0.8747 to contain downside to bring rebound. On the upside, break of 0.8987 minor resistance will turn bias to the upside for retesting 0.9499 high. However, sustained break of 0.8747 will dampen near term bullishness and bring deeper fall back to 0.8276/82 key support zone.
In the bigger picture, up trend from 0.6935 (2015 ) should still be in progress. 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). In any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.
