Daily Pivots: (S1) 0.8691; (P) 0.8738; (R1) 0.8770; More…

EUR/GBP’s decline from 0.9499 is still in progress and intraday bias remains on the downside. Firm break of 61.8% retracement of 0.8282 to 0.9499 at 0.8747 dampens near term bullishness. Further fall would now be seen back to 0.8276/82 key support zone. On the upside, though, break of 0.8863 minor resistance will indicate short term bottoming and bring rebound.

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In the bigger picture, up trend from 0.6935 (2015 ) should still be in progress. Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). In any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.


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