Daily Pivots: (S1) 0.8660; (P) 0.8709; (R1) 0.8757; More…
EUR/GBP’s strong rebound and break of 0.8773 minor resistance suggests short term bottoming at 0.8655. Intraday bias is turned back to the upside for 0.8939. Break there will indicate completion of whole fall from 0.9098. Further rise should be seen back to this resistance. On the downside, below 0.8773 resistance turn support will turn focus back to 0.8655 instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.
