Daily Pivots: (S1) 0.8966; (P) 0.9004; (R1) 0.9058; More…
EUR/GBP’s break of 0.9054 resistance suggests resumption of whole rebound from 0.8670. Intraday bias is back on the upside for 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Sustained break there will pave the way to retest 0.9499 high. On the downside, break of 0.8938 will dampen near term bullishness and turn bias back to the downside for 0.8864 support.
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.
