Daily Pivots: (S1) 0.9109; (P) 0.9139; (R1) 0.9167; More…

EUR/GBP’s corrective fall from 0.9324 could extend lower to 55 day EMA (now at 0.9027). But strong support should be seen in 0.8891/9051 support zone to bring rise resumption. On the upside, above 0.9194 minor resistance will turn bias back to the upside. Break of 0.9324 will resume larger up trend.

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In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8891 support holds, in case of deep pull back.


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