Daily Pivots: (S1) 0.9062; (P) 0.9091; (R1) 0.9108; More
EUR/GBP’s fall from 0.9305 short term top accelerates to as low as 0.8981 so far. Such decline is likely the third leg of the consolidation from 0.9304. Intraday bias remains on the downside for 38.2% retracement of 0.8312 to 0.9305 at 0.8926 first. Break will target 61.8% retracement at 8691 and below. On the upside, above 0.9075 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes. Firm break of 0.9799 high will target 61.8% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.
