Daily Pivots: (S1) 0.8943; (P) 0.8969; (R1) 0.8998; More
With 0.8898 minor support intact, intraday bias in EUR/GBP remains on the upside first. Current rally would target a test on 0.9304 high. There is no clear sign of up trend resumption yet. Hence, we’ll be cautious on strong resistance from 0.9304 to limit upside and bring another fall. On the downside, below 0.8898 minor support will turn intraday bias neutral first. But near term outlook will remain mildly bullish as long as 0.8742 support holds.
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.
