Daily Pivots: (S1) 0.8953; (P) 0.9004; (R1) 0.9041; More…
Intraday bias in EUR/GBP remains on the downside at this point. Corrective rebound from 0.8670 could have completed at 0.9175, ahead of 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Further fall should be seen to 0.8864 support. Break will confirm this bearish case and target a test on 0.8670 low. On the upside, though, break of 0.9067 will turn bias back to the upside for 0.9175 instead.
In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
