Daily Pivots: (S1) 0.8887; (P) 0.8915; (R1) 0.8954; More…

EUR/GBP’s sharp decline and break of 0.8868 minor support argues that rebound from 0.8722 has possibly completed at 0.8939. That came just ahead of 61.8% retracement of 0.9097 to 0.8722 at 0.8954. Intraday bias is turned back to the downside for 0.8722 low first. On the upside, though, above 0.8939 will extend the rebound through 0.8954 to 0.8994 resistance next.

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In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.

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