Daily Pivots: (S1) 0.9004; (P) 0.9071; (R1) 0.9111; More…

Intraday bias in EUR/GBP remains mildly on the downside at this point. Consolidation pattern from 0.9175 is extending with another falling leg. Deeper fall would be seen to 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.

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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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