Daily Pivots: (S1) 0.8894; (P) 0.8923; (R1) 0.8946; More…
EUR/GBP recovers mildly today but stays below 0.8974 resistance. Intraday bias remains neutral first. On the downside, break of 0.8864 support should confirm completion of the choppy rebound from 0.8670 at 0.9175. Deeper fall should be seen to 0.8670 support. On the upside, however, break of 0.8974 will dampen this bearish case and turn bias back to the upside for rebound, back to 0.9148/9175 resistance zone.
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.
