Daily Pivots: (S1) 0.8963; (P) 0.9009; (R1) 0.9038; More…

Further rise is expected in EUR/GBP with 0.8880 support intact. Current rebound from 0.8670 should target 61.8% retracement of 0.9499 to 0.8670 at 0.9182 first. Sustained break there will pave the way to retest 0.9499 high. On the downside, though, break of 0.8880 support will turn bias back to the downside for 0.8670 low instead.

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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.


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