Daily Pivots: (S1) 0.8738; (P) 0.8754; (R1) 0.8765; More…
EUR/GBP’s break of 0.8728 minor support suggests completion of rebound from 0.8617. Intraday bias is turned back to the downside for 0.8617/20 key support zone. On the upside, break of 0.8840 will extend the rebound to 61.8% retracement of 0.9101 to 0.8617 at 0.8916 instead.
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.
