Daily Pivots: (S1) 0.8535; (P) 0.8559; (R1) 0.8595; More…
Breach of 0.8591 suggests that EUR/GBP’s rebound from 0.8276 is resuming. Intraday bias is back on the upside. Further rise should be seen to 38.2% retracement of 0.9324 to 0.8276 at 0.8676. Firm break there will target 100% projection of 0.8276 to 0.8591 from 0.8479 at 0.8794. On the downside, break of 0.8479 is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.
In the bigger picture, rise from 0.6935 (2015 low) should have completed at 0.9324 already. As long as 0.8786 support turned resistance holds, further decline is expected. Next target is 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.
