Daily Pivots: (S1) 0.8692; (P) 0.8724; (R1) 0.8753; More…
EUR/GBP’s break of 0.8681 temporary low suggests that fall from 0.9499 has resumed. Intraday bias is back on the downside for 0.8276/82 key support zone. On the upside, above 0.8754 minor resistance will turn intraday bias neutral again. But further fall would remain in favor as long as 0.8863 resistance holds, in case of recovery.
In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The upside from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
