Daily Pivots: (S1) 0.9001; (P) 0.9033; (R1) 0.9065; More…
Intraday bias in EUR/GBP remains neutral for consolidation below 0.9078 temporary top. Rebound from 0.8670 is still in favor to continue. On the upside, break of 0.9078 will target 61.8% retracement of 0.9499 to 0.8670 at 0.9182. However, break of 0.8864 will confirm completion of the rebound and bring retest of 0.8670 low.
In the bigger picture, while the pull back from 0.9499 was 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.
