Daily Pivots: (S1) 0.8369; (P) 0.8397; (R1) 0.8419; More…
EUR/GBP’s fall from 0.8720 resumed by breaking through 0.8401 support. The development also affirms the case of rejection by 0.8697 fibonacci level. Intraday bias stays on the downside for deeper fall to 0.8720 low. On the upside, above 0.8424 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.8585 resistance holds.
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.
