Daily Pivots: (S1) 0.8911; (P) 0.8935; (R1) 0.8977; More…
EUR/GBP is losing some upside momentum as seen in 4 hour MACD. But with 0.8825 minor support intact, further rise is still in favor. Firm break of 38.2% retracement of 0.9499 to 0.8670 at 0.8987 should indicate completion of whole fall from 0.9499. Further rally should be seen to 61.8% retracement at 0.9182 and above. On the downside, though, break of 0.8825 minor support will turn bias to the downside for retesting 0.8670 instead.
In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
