Daily Pivots: (S1) 0.8756; (P) 0.8774; (R1) 0.8787; More…
With 0.8838 minor resistance intact, further decline is expected in EUR/GBP for 0.8670 support. It’s now in the third leg of the corrective pattern from 0.9499 and would 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 to the upside for rebound first.
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).
