Daily Pivots: (S1) 0.8321; (P) 0.8336; (R1) 0.8354; More…
Intraday bias in EUR/GBP is turned neutral with current recovery. On the downside, below 0.8294 will target 0.8201 low. Break there will resume larger down trend. On the upside, above 0.8358 minor resistance will turn bias to the upside for 0.9456 resistance. Firm break of 0.8476 structural resistance will carry larger bullish implication and target 0.8598 resistance next.
In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next. However, firm break of 0.8476 will indicate medium term bottoming at least. Focus will be back on 55 week EMA (now at 0.8523) for more evidence of bullish reversal.
