Daily Pivots: (S1) 0.8894; (P) 0.8923; (R1) 0.8946; More…
EUR/GBP’s rebound from 0.8866 extends higher today. Break of 0.8974 firstly indicates short term bottoming at 0.8866, ahead of 0.8864. More importantly, corrective decline from 0.9175 has possibly completed with three waves down to 0.8866. Rise from 0.8670 might be still in progress. Intraday bias is turned back to the upside for 0.9148/9175 resistance zone. Nevertheless, break of 0.8866 will resume the fall from 0.9175.
In the bigger picture, at this point, we’s still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds.
