Daily Pivots: (S1) 0.8685; (P) 0.8722; (R1) 0.8788; More…
EUR/GBP’s strong rebound and break of 0.8725 minor resistance suggests short term bottoming, after defending 0.8620 key support. Intraday bias is turned back to the upside for 38.2% retracement of 0.9101 to 0.8617 at 0.8802. Break will target 61.8% retracement at 0.8916. On the downside, decisive break of 0.8620 will resume larger decline from 0.9305 and target 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.
