Daily Pivots: (S1) 0.8773; (P) 0.8808; (R1) 0.8859; More…
EUR/GBP retreats notably after hitting 0.8840. But intraday bias stays on the upside as rebound from 0.8617 is seen as in progress. Further rise should be seen to 61.8% retracement of 0.9101 to 0.8617 at 0.8916. Break will pave the way back to 0.9101 key resistance. On the downside, break of 0.8743 support is needed to indicate completion of the rebound. Otherwise, near term outlook will stay cautiously bullish in case of retreat.
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.
