Daily Pivots: (S1) 0.9080; (P) 0.9105; (R1) 0.9141; More…
EUR/GBP’s rally accelerated further to as high as 0.9799 so far. The strong break of 0.9324 high confirms larger up trend resumption. Intraday bias remains on the upside for 0.9715. On the downside, break of 0.9068 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the strong break of 0.9324 (2016 high) confirms resumption of up trend from 0.6935 (2015 low). Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). But in any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.
