Daily Pivots: (S1) 0.8485; (P) 0.8535; (R1) 0.8576; More…
EUR/GBP retreated after hitting 0.8585 and intraday bias is turned neutral again. Further rise will remain mildly in favor as long as 0.8456 minor support holds. Above 0.8585 will target a retest on 0.8720 resistance. However, break of 0.8456 should resume the fall from 0.8720 through 0.8401.
In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.
