Daily Pivots: (S1) 0.8632; (P) 0.8651; (R1) 0.8673; More…
EUR/GBP is still bounded in established range above 0.8618 and intraday bias remains neutral. On the downside, firm break of 0.8610 will carry larger bearish implications and pave the way to 0.8466 fibonacci level next. Nevertheless, firm break of 0.8676 will turn bias back to the upside for stronger rebound back to 0.8740 resistance instead.
In the bigger picture, focus is back on 38.2% retracement of 0.8821 to 0.8863 at 0.8618. Sustained break there will confirm that whole rise from 0.8221 has completed at 0.8863. Deeper decline should then be seen to 61.8% retracement at 0.8466 at least. For now, risk will stay mildly on the downside as long as 55 D EMA (now at 0.8677) holds, in case of recovery.
