Daily Pivots: (S1) 0.8885; (P) 0.8913; (R1) 0.8937; More…
Intraday bias in EUR/GBP is turned neutral as the consolidation from 0.8875 temporary might extend further. But upside of recovery should be limited well below 0.9051 resistance to bring another decline. As noted before, whole corrective rise from 0.8620 could have finished at 0.9097 already. Below 0.8875 will target 61.8% retracement of 0.8620 to 0.9097 at 0.8802 and below.
In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.
