Daily Pivots: (S1) 0.8883; (P) 0.8908; (R1) 0.8951; More…
Intraday bias in EUR/GBP is turned neutral as it recovers just ahead of 0.8864 near term support. Further fall is expected with 0.8974 resistance intact. Firm break of 0.8864 should confirm completion of whole rebound from 0.8670 at 0.9175. Deeper decline would then be seen to retest 0.8670 support. Nevertheless strong rebound from currently level, followed by break of 0.8974 resistance, will turn bias back to the upside for 0.9148/75 resistance zone instead.
In the bigger picture, at this point, we’s still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds.
