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

Intraday bias in EUR/GBP remains on the upside for the moment. Strong support was seen in 55 day EMA. Current development suggests that rise from 0.8670 is still in progress. Break of 0.9175 will target 61.8% projection of 0.8670 to 0.9175 from 0.8930 at 0.9242 next. On the downside, below 0.9034 minor support will dampen this bullish case and turn intraday bias neutral first.

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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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