Daily Pivots: (S1) 0.8464; (P) 0.8495; (R1) 0.8514; More…
EUR/GBP’s break of 0.8456 minor support suggests that rebound from 0.8401 has completed at 0.8585. Intraday bias is back on the downside for 0.8401 support first. Break there will resume larger decline from 0.8720. Deeper fall would then be seen towards 0.8201 low. On the upside, above 0.8490 minor resistance will turn intraday bias neutral first.
In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.
