Daily Pivots: (S1) 0.8982; (P) 0.9052; (R1) 0.9096; More…

EUR/GBP’s choppy decline form 0.9291 is extending and intraday bias is now on the downside. Deeper fall could be seen to retest 0.8866 support first. On the upside, break of 0.9126 will suggest that pull back from 0.9291 has completed. Intraday bias will be turned back to the upside to resume larger rise from 0.8670 through 0.9291.

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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).

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