Daily Pivots: (S1) 0.8997; (P) 0.9033; (R1) 0.9066; More…
EUR/GBP retreated after hitting 0.9083 and intraday bias is turned neutral first. We’re still favoring the case that pull back from 0.9297 has completed at 0.8861. On the upside above 0.9083 will extend the rise from 0.8861 to retest 0.9297 resistance.
In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).
