Daily Pivots: (S1) 0.8636; (P) 0.8680; (R1) 0.8722; More…
EUR/GBP breached 0.8676 resistance to 0.8722 but failed to sustain gains. Intraday bias is turned neutral first. A short term bottom could be formed at 0.8474 already. Above 0.8722 will extend the rebound to 0.8840 resistance and above. However, break of 0.8474 will resume larger down trend to 0.8416 long term projection next.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline is now targeting 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.
