Daily Pivots: (S1) 0.8931; (P) 0.8966; (R1) 0.8985; More…
EUR/GBP’s fall from 0.9175 is still in progress and intraday bias stays on the downside for 0.8864 support. Break will confirm completion of the rebound from 0.8670. Deeper fall would then be seen to retest this low. On the upside, however, break of 0.9067 will turn bias back to the upside for 0.9175 instead.
In the bigger picture, while the pull back from 0.9499 was 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.
