Daily Pivots: (S1) 0.8824; (P) 0.8851; (R1) 0.8891; More…
Despite dipping to 0.8810, EUR/GBP quickly recovered and intraday bias is turned neutral first. On the upside, firm break of 0.8939 resistance will confirm completion of the fall from 0.9098 and turn outlook bullish for this resistance. On the downside, below 0.8810 will extend the fall from 0.8931 to retest 0.8655 low.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Sustained break of 0.8939 resistance will confirm that it’s in a medium term rising leg for 0.9098 and above. And for now, in case of another fall, downside will likely be contained by 0.8620/55 support zone to bring rebound.
