Daily Pivots: (S1) 0.8394; (P) 0.8445; (R1) 0.8474; More…
Intraday bias in EUR/GBP is neutral with focus on 0.8413 minor support. Firm break there will suggest that rebound from 0.8312 has completed. And intraday bias will then bias turned back to the downside for 0.8303 support next. Break will extend the correction from 0.9304 high. On the upside, above 0.8529 will extend the rebound form 0.8312 to 0.8786 resistance. Overall, price actions from 0.9304 are seen as a corrective pattern and there is no clear sign of up trend resumption yet.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In any case, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.
