Daily Pivots: (S1) 0.8671; (P) 0.8695; (R1) 0.8709; More…
EUR/GBP’s decline is still in progress and intraday bias stays on the downside. Fall from 0.9229 is seen as the third leg of the pattern from 0.9499. Deeper decline should be seen to 0.8670 support. Break will target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. For now, near term outlook will remain bearish as long as 0.8790 resistance holds, in case of recovery.
In the bigger picture, 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).
