Daily Pivots: (S1) 0.8535; (P) 0.8589; (R1) 0.8655; More…
EUR/GBP’s rally extends further today and intraday bias remains on the upside. Sustained trading above 38.2% retracement of 0.9324 to 0.8276 at 0.8676 will pave the way to 50% retracement at 0.8800. On the downside, below 0.8574 minor support will turn intraday bias neutral first.
In the bigger picture, decline from 0.9324 should have made a bottom at 0.8276. But price actions from there is seen as a corrective move for the moment. Upside should be limited by 0.8786 support turned resistance to bring decline resumption. Break of 0.8276 will target 61.8% retracement of 0.6935 to 0.9324 at 0.7848.
