Daily Pivots: (S1) 0.8403; (P) 0.8423; (R1) 0.8457; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8386 temporary low. Upside should be limited by 0.8487 minor resistance. As noted before, corrective rise from 0.8276 should have completed at 0.8595, after rejection by 55 day EMA. Below 0.8386 will target a test on 0.8276 low. Nevertheless, break of 0.8487 would turn bias to the upside for 0.8595 to extend the corrective rise from 0.8276.

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In the bigger picture, decline from 0.9324 medium term top is till in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 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.


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