Daily Pivots: (S1) 0.9045; (P) 0.9094; (R1) 0.9180; More…
EUR/GBP’s break of 0.9142 resistance suggests resumption of rebound form 0.8861. Such rise is seen as part of the choppy rally from 0.8670. Intraday bias is back on the upside for retesting 0.9291 resistance first. In any case, outlook will remain cautiously bullish as long as 0.8983 support holds, in case of retreat.
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).
