Daily Pivots: (S1) 0.8875; (P) 0.8914; (R1) 0.8954; More…

EUR/GBP’s fall from 0.9101 extends to as low as 0.8875 so far. The break of 0.8927 support indicates near term reversal. Intraday bias remains on the downside for 61.8% retracement of 0.8655 to 0.9101 at 0.8825. Sustained break there will pave the way back to 0.8655 support. On the upside, above 0.8952 minor resistance will turn intraday bias neutral first. But risks will stay on the downside as long as 0.9101 resistance holds.

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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). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.

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