Daily Pivots: (S1) 0.8872; (P) 0.8924; (R1) 0.9017; More
EUR/GBP’s strong rise and break of 0.8948 indicates resumption of whole rebound from 0.8312. Intraday bias is turned back to the upside. Current rise would now target a test on 0.9304 high. On the downside, break of 0.8742 support is needed to indicate short term topping. Otherwise, further rise is in favor even in case of retreat.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.
