Daily Pivots: (S1) 0.8720; (P) 0.8783; (R1) 0.8851; More…
EUR/GBP’s break of 0.8786 support turned resistance now raises the chance that whole fall from 0.9324 has completed. Near term trend could have reversed. Intraday bias is now on the upside for 61.8% retracement of 0.9324 to 0.8276 at 0.8924. Sustained break there will pave the way to retest 0.9324 high. On the downside, break of 0.8621 support will dampen this bullish case and bring retest of 0.8276 low instead.
In the bigger picture, current development argues that fall from might merely be a correction to rise from 0.6935 (2015 low) to 0.9324. While more range trading could still be seen below 0.9324, an upside breakout is in favor. break of 0.9324 will target a test on 0.9799 (2008 high).
