Daily Pivots: (S1) 0.8976; (P) 0.9007; (R1) 0.9069; More…

EUR/GBP’s breach of 0.9067 minor resistance suggests that pull back from 0.9175 has completed at 0.8930, after drawing support from 55 day EMA. It also suggests that rebound from 0.8670 is not over yet. Intraday bias is back on the upside for retesting 61.8% retracement of 0.9499 to 0.8670 at 0.9182. On the downside, break of 0.8930 will turn bias back to the downside for 0.8864 support 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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