Daily Pivots: (S1) 0.8954; (P) 0.8975; (R1) 0.9010; More…

Intraday bias in EUR/GBP remains on the upside as rebound from 0.8786 is extending. Sustained break of 38.2% retracement of 0.9324 to 0.8786 at 0.8992 will pave the way to 61.8% retracement at 0.9118 and above. On the downside, break of 0.8923 minor support will turn bias back to the downside for retesting 0.8786 low.

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In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.

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