Daily Pivots: (S1) 0.8980; (P) 0.9024; (R1) 0.9064; More…
EUR/GBP’s rebound from 0.8861 resumes by breaking through 0.9083 resistance and hits as high as 0.9139 so far. Intraday bias is back on the upside for 0.9291 resistance. As noted before, rise from 0.8670 is ready to resume. Firm break of 0.9291 will confirm and target 0.9499 high. On the downside, break of 0.8982 support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.
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).
