Daily Pivots: (S1) 0.8733; (P) 0.8802; (R1) 0.8841; More…
EUR/GBP drops sharply to as low as 0.8763 so far. Intraday bias remains on the downside as fall from 0.9101 is targeting 0.8655 support. On the upside, break of 0.8927 support turned resistance is needed to confirm short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.
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.
