Daily Pivots: (S1) 0.8805; (P) 0.8815; (R1) 0.8833; More…
EUR/GBP’s decline resumes today and accelerates to as low as 0.8751 so far. Price actions from 0.9291 are seen as the third leg of the corrective pattern from 0.9499. Intraday bias is now on the downside for 0.8670 support first. Break will target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. On the upside, break of 0.8838 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, 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).
