Daily Pivots: (S1) 0.8317; (P) 0.8342; (R1) 0.8390; More…
EUR/GBP’s break of 0.8348 minor resistance suggests short term bottoming at 0.8282, ahead of 0.8276 low. Consolidation pattern from 0.8276 might be extending with another rising leg. Intraday bias is back on the upside for 55 day EMA (now at 0.8473). On the downside, decisive break of 0.8276 will confirm resumption of whole fall from 0.9324.
In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8595 holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and bring stronger rebound.
