Daily Pivots: (S1) 0.8943; (P) 0.8976; (R1) 0.9022; More…
Intraday bias in EUR/GBP remains neutral at this point as it’s still bounded in range of 0.8866/9004.On the upside, break of 0.9004 resistance will suggest that pull back from 0.9291 has completed. Also, with 0.8866 support intact, rise from 0.8276 isn’t over. Intraday bias will be turned back to the upside for 0.9291 resistance in this case. On the downside, however, sustained break of 0.8866 will extend the pattern from 0.9499 with another falling leg to 0.8670 and possibly below.
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).
