Daily Pivots: (S1) 0.8499; (P) 0.8527; (R1) 0.8543; More…
EUR/GBP’s breach of 0.8502 suggests that choppy corrective fall from 0.8718 is resuming. Intraday bias is back on the downside for retesting 0.8470 low. On the upside, above 0.8555 minor resistance will turn intraday bias neutral again first. But risk will stay mildly on the downside as long as 0.8668 resistance holds.
In the bigger picture, price actions from 0.9499 are still seen 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 medium term outlook bearish.
