Daily Pivots: (S1) 0.9090; (P) 0.9120; (R1) 0.9159; More…
Focus is back on 0.9007 support in EUR/GBP with yesterday’s sharp fall. Break will resume the decline from 0.9291 and turn intraday bias to the downside. Nevertheless, as such fall is still seen as a corrective move, downside should be contained above 0.8866 support to bring rebound. On the upside, break of 0.9148 resistance will now suggest completion of the correction and bring retest of 0.9291 resistance.
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).
