Daily Pivots: (S1) 0.8746; (P) 0.8787; (R1) 0.8858; More…
EUR/GBP’s break of 0.8779 resistance suggests that pull back form 0.9267 has completed at 0.8570. Intraday bias is back on the upside for 0.8869 resistance first. Firm break there will target retest of 0.9267 high. On the downside, below 0.8689 minor support will turn bias back to the downside for 0.8570 instead.
In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8869 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.
