Daily Pivots: (S1) 0.9055; (P) 0.9095; (R1) 0.9132; More…
EUR/GBP’s break of 0.9043 minor support dampens the bullish case and suggest that rebound form 0.8930 has completed. Intraday bias is turned back to the downside for 0.8930 support. Break will target 0.8864. On the upside, above 0.9139 will target 0.9175 resistance. Break will resume whole rebound from 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.
