Daily Pivots: (S1) 0.8734; (P) 0.8750; (R1) 0.8763; More…

Intraday bias in EUR/GBP remains neutral at this point. Further rise is expected as long as 0.8711 minor support holds. On the upside, sustained break 38.2% retracement of 0.9101 to 0.8617 of 0.8802 will target 61.8% retracement at 0.8916. However, break of 0.8711 will suggest that rebound from 0.8617 has completed. Intraday bias will be turned back to the downside for 0.8617/20 support instead.

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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 breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.


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