Daily Pivots: (S1) 0.8533; (P) 0.8553; (R1) 0.8570; More…
Focus remains on 0.8532 support in EUR/GBP. Break there will resume larger fall from 0.9499. Next target will be 0.8276 key support level. On the upside, though, break of 0.8644 resistance will turn bias to the upside for stronger rebound, to 0.8729 resistance and above.
In the bigger picture, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn outlook bearish.
