Daily Pivots: (S1) 0.8390; (P) 0.8426; (R1) 0.8447; More…
Intraday bias in EUR/GBP is mildly on the downside for 0.8303/12 support zone. Break there will extend the corrective fall from 0.9304 to to 0.8116/20 cluster support. We’d expect strong support from there to bring rebound. On the upside, above 0.8461 minor resistance will turn bias to the upside for 0.8529. Break will resume the rebound from 0.8312 and target 0.8786 resistance.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, 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.
