Daily Pivots: (S1) 0.9055; (P) 0.9095; (R1) 0.9132; More…

Intraday bias in EUR/GBP remains mildly on the upside at this point. Pull back from 0.9175 should have completed at 0.8930 and rise from 0.8670 is probably ready to resume. Break of 0.9175 will confirm this bullish case and target 61.8% projection of 0.8670 to 0.9175 from 0.8930 at 0.9242. On the downside, below 0.9034 minor support will dampen this bullish case and turn intraday bias back to the downside.

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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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