Daily Pivots: (S1) 0.8987; (P) 0.9014; (R1) 0.9054; More…

Intraday bias in EUR/GBP remains neutral as consolidation continues. Further rally is expected with 0.8927 support intact. On the upside, firm break of 0.9098 resistance will extend the whole rise from 0.8655 to 0.9304 key resistance next. However, on the downside, break of 0.8927 support will suggest near term reversal and turn bias to the downside for 0.8810 support and below.

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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). It should be in medium term rising leg for 0.9304. Meanwhile, in case of another fall, downside should be contained by 0.8620/55 support zone to bring rebound.

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