Daily Pivots: (S1) 0.9108; (P) 0.9138; (R1) 0.9158; More…
Intraday bias in EUR/GBP is neutral for the moment as consolidation from 0.9291 is extending. Further rally will remain in favor as long as 0.9067 support holds. On the upside, break of 0.9291 will extend the larger rise from 0.8670 and target 100% projection of 0.8670 to 0.9175 from 0.8866 at 0.9371. However, sustained break of 0.9067 will dampen this bullish view and turn bias to the downside for 0.8866 support instead.
In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).
