Daily Pivots: (S1) 0.8781; (P) 0.8808; (R1) 0.8840; More…
Intraday bias in EUR/GBP remains neutral first. Also, with 0.8847 support turned resistance intact, near term outlook stays bearish. . On the downside, break of 0.8772 will target 0.8620 low first. Decisive break there will resume whole down trend from 0.9304. In that case, next target will be 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412. However, firm break of 0.8847 will indicate near term reversal and target 0.8994 resistance instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound. On the upside, break of 0.9097 will target 0.9304 resistance instead.
