Daily Pivots: (S1) 0.8657; (P) 0.8679; (R1) 0.8696; More…
EUR/GBP’s fall fro 0.8840 resumed after brief consolidation and reaches as low as 0.8629 so far. Intraday bias is back on the downside for 0.8617/20 key support zone. Decisive break there will resume larger decline from 0.9305. On the upside, above 0.8728 minor resistance will turn bias to the upside for 0.8840 resistance instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, decisive break of 0.8620 support will resume the falling leg from 0.9305 (2017 high) to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416. In that case, we’d expect strong support around 0.8312 to contain downside and bring rebound.
