Daily Pivots: (S1) 0.8935; (P) 0.8953; (R1) 0.8967; More…

No change in EUR/GBP’s outlook as fall from 0.9175 is in progress for 0.8864 support. Break should confirm completion of whole rebound from 0.8670. In this case, deeper fall would be seen back to 0.8670 low. On the upside, however, break of 0.9067 minor resistance will turn intraday bias back to the upside for 61.8% retracement of 0.9499 to 0.8670 at 0.9182 instead.

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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.


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