Daily Pivots: (S1) 0.8929; (P) 0.8956; (R1) 0.9000; More…
EUR/GBP’s rise from 0.8670 is still in progress and intraday bias remains on the upside. Sustained break of 38.2% retracement of 0.9499 to 0.8670 at 0.8987 will indicate completion of whole fall from 0.9499. Further rally should be seen to 61.8% retracement at 0.9182 and above. On the downside, though, break of 0.8901 minor support will turn intraday bias neutral first.
In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend 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.
