Daily Pivots: (S1) 0.8913; (P) 0.8953; (R1) 0.9018; More…
Intraday bias in EUR/GBP remains neutral first. On the upside, break of 0.9000 resistance will resume the rebound from 0.8670 to 61.8% retracement of 0.9499 to 0.8670 at 0.9182 and above. On the downside, though, below 0.8880 will suggest that the rebound from 0.8670 has completed, and turn bias back to the downside for retesting this low.
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.
