Daily Pivots: (S1) 0.8649; (P) 0.8706; (R1) 0.8741; More…
EUR/GBP recovers after hitting 0.8672 but outlook is unchanged. Rebound from 0.8617 could have completed at 0.8840 already. Deeper fall is mildly in favor back to 0.8617/20 key support zone. On the upside, above 0.8762 minor resistance will turn bias back to the upside. Further break of 0.8440 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.
