Daily Pivots: (S1) 0.8529; (P) 0.8557; (R1) 0.8582; More…
Intraday bias in EUR/GBP remains neutral for the moment. on the downside, decisive break of 0.8537 support will resume the decline from 0.9291. Such decline is seen as the third leg of the pattern from 0.9499, and should target 0.8276 key support in this case. On the upside, break of 0.8638 minor resistance will turn bias to the upside for 0.8729 resistance.
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. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn outlook bearish.
